Mitsubishi HC Capital America provided Seattle-based energy-efficiency-as-a-service (EEaaS) company Allumia with a $40 million debt facility, allowing Allumia to expand its up-front cost coverage for the company’s energy efficiency projects.
The facility will be used to finance upfront equipment and installation costs of various energy efficiency projects, including LED lighting, HVAC and refrigeration upgrades for Allumia customers in the commercial and industrial space. The program allows customers to avoid large up-front investment costs while saving energy and money over the length of their contract with more energy efficient equipment.
“Capital markets for energy efficiency have matured significantly, even in just the last five years,” Caleb Raible-Clark, acting COO at Allumia said. “Energy efficiency is now, finally, gaining recognition as a conventional asset class with a conventional risk profile. We’re excited to work with Mitsubishi HC Capital America, a company that continues to play a leadership role in that market growth.”
The relationship reflects both companies’ shared commitment to the United Nations’ Sustainable Development Goals, with emphasis on clean energy, sustainable cities, and responsible production.
“We always take a relationship-driven, consultative approach to provide creative financing solutions,” Mark Duncan, executive vice president and COO at Mitsubishi HC Capital America said. “Our work with Allumia is further evidence of this and both companies’ continued support for long-term energy efficiency solutions.”
This also amplifies the build out of Allumia’s EEaaS technology platform, which provides the foundation for large-scale deployment of energy efficiency solutions to mass-market commercial and industrial (C&I) customers. The EEaaS platform also allows utilities to quickly scale direct efficiency programs to C&I customers in their territories.
The $40 million debt facility was closed on March 15, 2022.
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