New Generation Energy (NGE) is launching a new investment program focused on renewable energy investment notes (REIN). The notes are fixed-interest, fixed-term debt notes that investors can purchase in order to finance renewable energy projects. The notes will be available in denominations ranging from $1,000 to more than $1 million. This range of options opens the REIN program to a variety of investors: individuals can afford to purchase the notes, as well as businesses and foundations.

NGE is a nonprofit organization that supports community-based energy projects, focusing on both renewable energy and energy efficiency. The organization is based in Boston, and will be launching the REIN program in New England and New York. Eventually, NGE plans to launch a national version of the program.

The REIN program is slated to launch in 2009 with the sale of $50 million in notes. Those proceeds will fund community-based renewable energy and energy efficiency programs that can prove they are financially sound. The interest rates for the loans offered to these programs will be as low as 3 percent, making it possible for nonprofits and communities to afford the loans necessary to build their projects. Historically, such projects have had little access to capital.

 

Image — NGE