Air District’s Climate Tech Finance Program funds clean security and lighting solutions to replace diesel generators
SAN FRANCISCO – The Bay Area Air Quality Management District has awarded a loan guarantee to King Solarman, a provider of smart solar generators in California. Their products replace loud and aging diesel generators used for mobile light towers and surveillance stations.
King Solarman’s off-grid lights and generators provide solar-powered security monitoring through sound and video footage that is stored on the cloud and can be monitored in real time. The units enhance security by notifying property owners of movements and other activities captured on video. The units are often used on construction sites and other locations where there is not access to electricity and replace traditional generators that would otherwise be used when power is unavailable. This technology has successfully been deployed in the Bay Area.
“Equipment that runs on renewable energy is a smart alternative to fossil fuel-powered generators that deteriorate air quality and emit greenhouse gases,” said Veronica Eady, senior deputy executive officer of policy and equity at the Air District. “We are excited to support the use of technologies that provide practical alternatives to outdated systems, that are good for the climate and that reduce harmful emissions in our air.”
This loan guarantee is the most recent project under the Air District’s Climate Tech Finance program. In partnership with the California Infrastructure and Economic Development Bank (IBank), and the Northern California Financial Development Corporation, the Climate Tech Finance team led a technology qualification, social equity impact and greenhouse gas analysis that deemed King Solarman eligible for a multimillion-dollar loan guarantee. This loan guarantee supported King Solarman in securing a line of credit with Farmers & Merchants Bank with financing arranged by Meridian Commercial Finance Consultants LLC.
“IBank’s Climate Tech loan guarantees make it possible for companies like King Solarman to access the financing they need to deploy reliable, clean-energy solutions,” said Scott Wu, executive director of IBank. “We are proud to partner once again with the Air District and Northern California Financial Development Corporation to support proven technologies that create and sustain a cleaner environment for all Californians.”
The core value of the Climate Tech Finance program is to support innovative climate projects and the Air District’s greenhouse gas analysis ensures that new technologies will reduce short- and long-term greenhouse gas emissions. The Climate Tech Finance loan guarantee provides a credit enhancement that supports King Solarman’s manufacturing of solar-powered products to meet growing demand from customers in need of a reliable power solution. King Solarman projects are estimated to reduce 688 metric tons of carbon dioxide equivalent emissions per year in California by eliminating the use of diesel generators and therefore reducing harmful emissions of particulate matter.
The Bay Area Air Quality Management District is the regional agency responsible for protecting air quality in the nine-county Bay Area. Connect with the Air District via Twitter, Facebook and YouTube.
About the California Infrastructure and Economic Development Bank: IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy, and improve the quality of life for Californians and communities throughout the state. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member board of directors.
IBank issues tax-exempt and taxable revenue bonds, provides financing to public agencies, provides credit enhancements, acquires and leases facilities, leverages state and federal funds, and provides loan guarantees and other credit enhancements for small businesses. Visit us at ibank.ca.gov.
Karen C. Naungayan
Deputy Director of External Affairs
Email Karen, HERE
Office: 916.447.8474
Mobile: 916.207.9132
