Recently, Vermont Energy Investment Corporation (VEIC) announced that it is accepting proposals from financial institutions and other lending organizations for originating, underwriting and servicing one or more portfolios of loans for energy efficiency and renewable energy projects in Vermont. The announcement has been public and available to financial institutions. VEIC administers and operates Efficiency Vermont.VEIC is receiving a $46 million loan award from the United States Department of Agriculture Rural Utilities Service (“RUS”) Energy Efficiency and Conservation Loan program, with up to $44 million available for total lending from 2016 through Q3 of 2019 ($2 million will be removed from lending for other program uses). This project is expected to remove financial barriers to implementing energy efficiency and renewable energy projects for the commercial, residential, and public institution sectors. Efficiency Vermont is seeking financial institut
ions to re-lend the RUS funds to customers and perform a range of lending functions on behalf of Efficiency Vermont for the Efficiency Vermont Energy Loan Program (“EVTLP”). Lenders accepted into the program will be expected to:
- Originate and underwrite loans to Vermont-based commercial and residential energy users for eligible energy efficiency and renewable energy measures;
- Directly provide or refer loan applicants to interim construction financing under the EVTLP terms and conditions, with a construction loan guarantee from Efficiency Vermont;
- Provide related loan administration services, such as loan servicing, collections and holding collateral for the loan;
- Provide reports on the loan performance.
Details of the program and the RFP process are available on the VEIC website. The pertinent documents have also been archived by AVCU for easy access. They include:
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