Monterey Bay Community Power pays off startup loan ahead of schedule

Photo courtesy of Pixabay. Information provided by Monterey Bay Community Power. Monterey Bay Community Power (MBCP) has successfully paid off a $6.2 million loan after just seven months of operation. According to a recent press release, the tri-county agency, comprised of representatives from San Benito County, Monterey County and Santa Cruz County, originally obtained the loan through lines of credit. The agency reimbursed Santa Cruz County for expenses incurred on behalf of MBCP prior to securing the lines of credit. "Due to sound financial stewardship, low cost carbon free electricity procurement and smart decision making, MBCP will pay down this outstanding debt a year earlier than planned," said Bruce McPherson, board chair for MBCP and supervisor for Santa Cruz County. "This is an incredible success and demonstrates the value of having a locally controlled agency that can be a catalyst for economic and environment progress in the Monterey Bay." By focusing on business fundamentals to achieve better financial stability, Monterey Bay Community Power expects to be in a stronger position to continue delivering on its promises around clean energy, lower cost and economic vitality for the tri-county businesses and residents. MBCP currently serves 97 percent of the eligible customer […]

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