GERC-sponsored EB-5 immigrant investor funds will be used to install and operate solar-power projects in California.
It is widely recognized that the United States must reduce its dependence on foreign oil in the interest of national security. Consequently the government has responded with wide ranging incentives to boost the green energy sector. Consumer and commercial demand for green energy has also accelerated. Corporations have increased their green power purchases twenty-fivefold since 2001. In California, Governor Arnold Schwarzenegger issued an executive order requiring the state’s electric utilities to use renewable sources for a third of the energy they generate by the year 2020. To meet that goal, the state will need around $50 billion in capital investments in the next decade, and that will lead to thousands of new jobs.
The green-energy industry is poised to see high growth and become a major component of the state’s economy in the years to come. Electric utilities need a lot of help to meet the 33% goal set by Governor Schwarzenegger. Many companies want to build solar-power projects, and many building and landowners want solar power on their properties. However, the lack of financing remains a major hurdle. GERC and its partner Clean Focus fill this funding void by financing such projects with equity and debt, including investments from the EB-5 immigrant investor program.
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