Mondial is a for-profit company, and so cannot receive funding from the BBP directly. We are working with the City of Toronto to structure a loan to non-profits, resulting in shared ownership of the renewable energy technology between Mondial and the nonprofit. Recognizing Mondial's specialized financing services for the non profit building community, the BBP has appointed Mondial an Energy Management Firm. This designation affords access and credibility within the non profit community. Typically, the BBP program requires extensive documentation from the non-profit as to their creditworthiness. . Mondial has made an innovative proposal to the City to streamline this BBP program so the City could look past the non-profit and rely on the creditworthiness of Mondial. This should greatly simplify the paperwork for both the City of Toronto and the non-profit organization. Program Successes: The 20% repayable loan can lower the capital cost of an installation for Mondial, enabling us to lower our contracted price for renewable energy to the non profit client. Mondial would then pay down the loan with equal installments through the nonprofit, thereby increasing Mondial's ownership of the hardware from 80% to 100% over ten years. Since the initiatives between Mondial and the BBP were only recently undertaken, Mondial has not yet signed any clients to the BBP program. However, we anticipate strong interest once the documentation between Mondial and BBP is finalized. Program Commitment: The City of Toronto funds the administration of the program, and has a CDN$8 million pool of capital ready to co-fund projects.
Products & Services
energy, power purchase agreement
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