Temporary loan of Big Win funds to Quick Win projects – now fully repaid
After discussion with members, CORENA temporarily lent $25,000 of the Big Win project funds to the revolving Quick Win community solar funding pool. Due to a lull in demand for funds for new Quick Win projects, in March 2017 we were able to use loan repayments from completed Quick Win projects to repay the entire $25,000 loan back to the Big Win project fund.
This strategy was devised as a means of putting Big Win funds to good use within a reasonable time frame, while not actually ‘using up’ the Big Win funds so that they can eventually be spent on Big Win projects as the Big Win donors intended.
As of July 2018, that $25,000 achieved 24.56kW of solar PV and energy efficiency equivalent via the Quick Win revolving fund, and has avoided use of around 70MWh of grid electricity, figures that will continue to grow over time. What’s more, since loan repayments from those five Quick Win projects have already helped fund more projects, that $25,000 has already achieved $41,206 worth of climate goodness. Even though the $25,000 has now been repaid to the Big Win fund, the Quick Win revolving fund is $16,206 richer for temporarily having had use of those funds.