by Brianna Crandall — November 20, 2015—The International Brotherhood of Electrical Workers (IBEW) Local 11 and the Los Angeles Chapter of the National Electrical Contractors Association (LA/NECA) recently announced that a new $300 million Clean Energy Fund has been established to finance new energy solutions projects for their members and contractors by ReNewAll through its exclusive finance partner, Tritec Americas. ReNewAll is a clean-energy financial-solutions company and a project developer for IBEW Local 11 and LA/NECA.
The fund will finance energy efficiency, renewable energy, and energy storage projects for commercial buildings, shopping centers, industrial facilities, multi-family housing, churches, and lodging. Financing is available for projects in Greater Los Angeles and across the United States.
James Willson, executive director, LA/NECA, commented:
This fund is a key component to our Net Zero Plus initiative, and we are pleased with the growth it provides. We are offering a full spectrum of energy solutions from energy efficiency upgrades to building or retrofitting net zero and high performance buildings. The Net Zero Plus Electrical Training Institute provides a highly trained workforce of energy specialists, testing, and demonstrating emerging energy technologies in our living laboratory, and now another avenue to finance these projects through ReNewAll’s programs.
RenewAll specializes in assisting developers and building owners to finance projects, which are “cash-flow positive” from day one. Since July 1, 2015, ReNewAll has reportedly originated more than $35 million in project term sheets for NECA contractors in Southern California. A recent ReNewAll project that was completed with NECA and IBEW members is the retrofit of the Hilton Los Angeles/Universal City. This $7 million energy efficiency retrofit is said to be the largest, most comprehensive PACE project in the U.S. It has led to annual energy, material, and maintenance savings of approximately $800,000 for the hotel.
Joe Berney, president of ReNewAll, explained:
We will be offering multiple PACE project financing options as well as power purchase agreements (PPAs) and leases for NECA and IBEW members. ReNewAll’s various financing mechanisms allow contractors to deliver solutions to property owners for little to no out of pocket investment.
Each year, IBEW Local 11 and LA/NECA train more than 4,000 men and women for careers in the electrical industry at the 142,000-square-foot national Net Zero Plus Electrical Training Institute in greater Los Angeles, with a focus on veterans. Those trained at this facility, which is itself undergoing a net zero retrofit, are energy specialists prepared to design, develop, and manage solutions for today’s energy management challenges.
