Zions Bank Creates Financing Unit for $100 Million Clean Energy Projects
Stock Chart for Zions Bancorporation (ZION)
Zions Bancorporation, a Salt Lake City-based bank holding company, has created a unit to finance clean energy projects costing between $10 million and $100 million.
Zions Energy Link will fund projects through affiliates in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington, the company said in an e- mailed statement.
Zions has already financed numerous “energy efficiency and sustainable programs.”
Craig Robb, chief financial officer of Zion’s National Bank of Arizona subsidiary and managing director of Zions Energy Link, did not say how much funding the holding company has provided in the past or how much Energy Link has available for renewable energy projects. He expects the new unit to fund about twice as much this year as the holding company did last year.
National Bank of Arizona, of Phoenix, has already funded more than $100 million in clean energy projects in Arizona, according to the statement.
The bank’s Solar Phoenix residential solar financing program, a partnership with utility Arizona Public Service Co. and solar panel installer SolarCity, has funded $25 million of installations over the past year.
National Bank of Arizona completed a rooftop solar expansion last week at its headquarters, to more than 400- kilowatts, or enough to provide the building with 25 percent of its electricity, Robb said. The bank expects a return on its investment in less than four years.
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