SEEIT has agreed to finance the design, acquisition and installation of energy-efficiency solutions across various U.S. buildings for BlocPower Energy Services 2, through a 10-percent participation in a $80 million loan facility.
BlocPower Energy Services 2 is a wholly owned subsidiary of energy-efficiency developer BlocPower. BlocPower provides energy efficiency solutions, such as heat pumps, LED lighting, solar PV and battery storage to decarbonize and electrify buildings. The company initially targets small - and medium-sized enterprises and low-to-moderate income communities in New York State, with the potential to expand into other states.
BlocPower will use the loan facility to finance the capital expenditure of new projects in the United States. SEEIT will benefit from long-term stable cash flows through contracted debt repayments amortizing over 10 to 12 years.