Celtic Bank has recently facilitated in $43 million in solar projects. The deals were in the small- to mid-size commercial solar renewable energy sector and are backed by 20- to 25-year power purchase agreements.
The funds will be used to install solar panels for distributed generation, community solar and to sell excess energy back to the local electric utility. The bank projects that energy production from these projects will eliminate CO2 emissions from almost 11 million pounds of burned coal or almost 1.15 million gallons of gasoline used annually.
Celtic has been involved in renewable energy projects in Arizona, California, Colorado, Hawaii, Massachusetts and New Jersey since the beginning of the year.
Renewable power has gotten some financing backing. This spring, for instance, the Bank of America issued a green bond for $600 million to advance renewable energy and promote energy efficiency.