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Sagicor Bank designs loan for renewable energy projects

Sagicor-Hope-Road

Sagicor Bank Jamaica has created a new loan facility to power renewable energy projects for residential and commercial use.

The loan is offered at an annual interest rate of 9.5 per cent calculated on the reducing balance, and has a repayment period of up to seven years.

The facility is designed to offer up to 80 per cent financing for residential renewable energy projects valued up to $2 million, and covers up to 70 per cent of the cost for commercial projects valued up to $30 million.

“Sagicor Bank recognises the needs of our customer base and continuously tries to design products to meet those needs,” business banker at Sagicor Bank, Cornella Alladice, told the Jamaica Observer.

This renewable energy facility is the first of its kind for the bank and can be applied to a number of products, including the SolarMill Star units, solar water heaters, solar panels, and other energy-saving equipment.

Published in the Jamaica Observer
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