Adam Capital Clean Energy Asset Finance of Sonoma, CA announced the extension of a $4 million line of credit from New Resource Bank of San Francisco. The extended line of credit will allow the clean energy finance firm to more effectively manage cash flow, and provides additional capacity to meet the ongoing demand for clean energy project funding in incentive rich markets throughout the United States.
Adam Capital pioneered asset-based lending to rooftop-scale solar projects and has completed 474 projects to date by extending collateralized loans in the $500,000 to $5 million range. Adam Capital provides secured loans to clean energy developers who pledge and assign cash incentives from governments and utilities.
According to Adam Boucher, founder & CEO of Adam Capital, “New Resource Bank’s renewed commitment will prove to be a valuable cash management tool as we continue to expand our lending capacity to solar PV, and now solar hot water, developers and installers who help building owners reduce energy costs while creating green jobs for plumbers and other support trades. To us, this is more than a line credit. There are not many players operating in our funding niche, and to be recognized by an institution like New Resource Bank is something our team is proud of.”
“As a mission-driven bank committed to advancing sustainability, we’re excited about Adam Capital’s progress and are pleased to support the firm’s efforts to make our communities’ energy use more sustainable,” says Rob Holden, senior vice president of Commercial Banking for New Resource Bank. “Very few private lenders have Adam Capital’s expertise in funding rooftop-scale solar projects, and renewable energy is one of our primary focus areas, so this is an excellent fit. Combine that with our shared vision and philosophy, and we’re very happy to be expanding this successful relationship."
Adam Capital was founded as a family office and manages Adam Capital Clean Energy Asset Finance LLC, a private lender operating solely within the clean energy sector. Utilizing an asset-based lending strategy, Adams extends collateralized loans between $500,000 and $5 million to clean energy developers.