Forbright Bank’s Funding of Renew Projects Is A Template for the Type of Deals that We Need to See In the Renewable Space - 2024

The climate crisis is continuing, even while other global crises and risks capture all of the media's attention. It is just as incumbent today as it was two months ago that banks fund wind and solar projects in order to expedite the economy's transition from carbon dependency.

Therefore, we at BestCashCow took note of a recent financial extended by Forbright Bank, one of our advertisers, to Renew Projects, LLC, a small business based out of Herndon, Virginia, that until recently focused exclusively on manufacturing energy efficient LED lighting.

Under the terms of the financing, Forbright Bank is providing a $450,000 Power Purchase Agreement to help Renew Projects build out a 206.1KW rooftop solar installation. Renew Projects is using the solar installation to satisfy its own product demand and may sell additional output in the grid.

Courtesy: Forbright Bank

"The need to build a low-carbon economy is increasingly urgent," said John Delaney, Founder and Executive Chairman of Forbright Bank. "We're committed to helping businesses finance the transition to cleaner sources of energy and lower-carbon operations. This imperative to decarbonize is the single largest investment opportunity of our lifetime, and we're proud to be a bank leading these efforts."

Deals like Forbright's Renew Projects deal, and Forbright's earlier financings of wind turbine repairs, solar and waste remediation deals are very encouraging. Forbright's complete climate policy is outlined here. We would desperately like to see other US financial institutions outline a climate policy and finance projects that speed the transition to a low-carbon economy, as Forbright is doing.

As Forbright takes aggressive action to create a template for how banks should be addressing the climate crisis, BestCashCow has chosen to name it as the first bank in the US to receive our Sustainable Bank badge.