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Bank of America

Bank of America announced in March 2007 a $20 billion ten-year climate change initiative to encourage development of environmentally sustainable business practices through lending, investing, philanthropy and the creation of new products and services. On September 10, 2010 Bank of America announced it is ahead of schedule on its 10-year, $20 billion business initiative as Bank of America has directed $8.4 billion through lending, investing, capital markets activity, philanthropy and the company’s own operations.

The environmental business initiative is comprised of hundreds of transactions in 45 states, the District of Columbia, Canada and markets across Asia and Europe. Lending and investment includes $2.2 billion in equipment financing for energy efficiency projects and renewable energy projects in solar, wind, biomass and biofuel technologies for both utilities and end users and $2.8 billion in commercial real estate banking, financing projects relating to LEED® (Leadership in Energy and Environmental Design) certification, ENERGY STAR, brownfield redevelopment and the use of renewable energy tax credits.

ScotiaBank Group Finances Wind Farms

Scotia Capital, which represents the wholesale banking business of the Scotiabank Group, actively supports the development of renewable energy via the financing of wind, hydro, solar, geothermal and other clean energy projects. Scotia Capital is helping promote the renewable energy sector and attract investor interest by offering extensive expertise to clients in the area of renewable energy, including investment opportunities, industry trends, public policy and economic analysis of the sector.

In 2009, Scotia Capital acted as a joint lead arranger on a $202 million financing and provided interest rate swaps for Viento Funding II, a portfolio of three wind farms located in Texas, Nebraska and New Mexico. The farms are commercially operating base load providers with a generating capacity totaling 305 MW. The portfolio is owned by Edison Mission Energy which, through its subsidiaries, engages in developing, acquiring, owning or leasing, operating, and selling energy and capacity from independent power production facilities.


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