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.
That $25,000 achieved 16.45kW of solar PV and energy efficiency equivalent, and by March 2017 had avoided use of around 31MWh of grid electricity, a figure 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 $30,799 worth of climate goodness. Even though the $25,000 has now been repaid to the Big Win fund, the Quick Win revolving fund is $5,799 richer for temporarily having had use of those funds.