Feb. 22 (Bloomberg) -- California is seeking to use capital from Goldman Sachs Group Inc., Barclays Bank Plc and other lenders to encourage landlords to make energy-saving changes at their buildings, state Senator Kevin de León said.
De León, a Los Angeles Democrat, introduced legislation today that would make low-interest loans available to owners of commercial and industrial property for energy retrofits. The state would aggregate loans and issue revenue bonds to repay them.
In an interview in the state Capitol in Sacramento, de León said the state also is working with Citigroup Inc., Wells Fargo & Co. and GE Capital Corp. on providing “hundreds of millions of dollars” to building owners.
“This will be a big boon,” de León said. “You’re getting hundreds of millions of dollars in equity off the sidelines.”
De León, state Controller John Chiang and state Treasurer Bill Lockyer have been working with the banks on a program they said would help rejuvenate California’s construction industry while curbing energy use.
The California Alternative Energy and Advanced Transportation Financing Authority, whose members include Chiang and Lockyer, would set criteria for building owners to qualify for the loans.
--Editors: Steve Geimann, Timothy Franklin
To contact the reporters on this story: James Nash in Sacramento at Jnash24@bloomberg.net.
To contact the editor responsible for this story: William Glasgall at firstname.lastname@example.org