REGION — The Clean Energy Alliance board of directors approved an extended credit line during its Jan. 13 meeting.
Clean Energy Alliance, also known as CEA, will now have a credit line up to $15 million from JPMorgan Chase to help cover cash flow and future expansion costs.
The energy service provider, which covers the cities of Carlsbad, Del Mar and Solana Beach and provides a minimum 50% clean energy product, initially took out a $6 million loan to launch the program, which started service in May 2021.
The loans must be paid back by Dec. 2023 and Jan. 2026, according to Barbara Boswell, chief executive officer of the CEA. JP Morgan will not extend the line of credit any further until the first $6 million is repaid, Boswell said.
Boswell said the agency had a budgetary shortfall this year and the extended line of credit will allow them to cover their bills and get San Marcos and…
Clean Energy Alliance extends credit line to $15M
