Live Oak Bank Surpasses $1 Billion in Renewable Energy Loans to Support Rural Communities

Rhea-AI Summary

Live Oak Bank has surpassed $1.2 billion in renewable energy financing for solar and bioenergy projects in rural areas, solidifying its position as the largest USDA lender in the U.S. since its first renewable loan in 2016. The Energy & Infrastructure team, led by Jamie Bourgeois, has helped finance numerous projects aimed at creating sustainable energy systems, thereby lowering costs and boosting economic opportunities. This financing is pivotal for project developers seeking a streamlined lending experience for solar, solar storage, and bioenergy initiatives.

Positive

• Surpassed $1.2 billion in renewable energy financing.
• Largest USDA lender in the U.S. (2020 data).
• Supports job creation and economic opportunities in rural areas.

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• None.

WILMINGTON, N.C., Sept. 23, 2021 (GLOBE NEWSWIRE) -- Live Oak Bank has reached a milestone in providing more than $1.2 billion in renewable energy financing for solar and bioenergy projects in rural communities nationwide.

Live Oak is the largest U.S. Department of Agriculture (USDA) lender in the country, according to 2020 data from the USDA, and made its first renewable energy loan in 2016. The Energy & Infrastructure lending team at Live Oak is committed to supporting renewable energy projects that create a cleaner environment and more sustainable future.

“Live Oak Bank is proud to serve American business owners who are creating climate-smart systems that ultimately lower energy costs and provide jobs and economic opportunity in rural areas,” said Jamie Bourgeois, head of energy and infrastructure lending at Live Oak. “The USDA’s programs help companies in rural areas grow and prosper, and we are honored to serve entrepreneurs across our country in new and innovative ways to drive economic sustainability.”

The team is led by Bourgeois and supported by solar industry finance expert Jennifer Williams, and bioenergy lending expert Max Vernier. The team has collectively funded more than $1.2 billion in loans to the solar and bioenergy industries to date, with the vast majority being USDA loans to rural communities, according to internal data and the USDA.

“Having the expertise, responsiveness and flexible deal structures at the center of our model has helped us efficiently serve customers across the country so their companies can improve quality of life for millions of Americans,” Bourgeois added.

The volume of loans signifies Live Oak’s expertise and dedication to the renewable energy industry. Live Oak’s renewable energy financing team is focused on loans for solar, solar storage and bioenergy technologies nationwide, offering project developers and their tax equity partners a first-class lending experience.

To learn more about Live Oak Bank and energy and infrastructure financing, visit www.liveoakbank.com/energy-infrastructure-loans.

About Live Oak Bank
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak puts a groundbreaking spin on service and technology to redefine banking. Our products help customers buy, build and expand their business, and high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com. 

Contact:
Claire Parker, SVP of Corporate Communications
910.597.1592
claire.parker@liveoak.bank 

FAQ

What is the significance of Live Oak Bank reaching $1.2 billion in renewable energy financing?

This milestone highlights Live Oak Bank's commitment to supporting solar and bioenergy projects, contributing to economic growth and sustainability in rural communities.

How does Live Oak Bank rank among USDA lenders?

Live Oak Bank is the largest USDA lender in the U.S., according to 2020 USDA data.

Who leads the Energy & Infrastructure lending team at Live Oak Bank?

Jamie Bourgeois heads the Energy & Infrastructure lending team, supported by experts in solar and bioenergy financing.

Since when has Live Oak Bank been providing renewable energy loans?

Live Oak Bank made its first renewable energy loan in 2016.

What types of projects does Live Oak Bank finance?

Live Oak Bank finances solar, solar storage, and bioenergy projects across the nation.