For immediate release
Hartford, CT (July 30, 2024) – Inclusive Prosperity Capital, Inc. (IPC) is proud to announce the closing of two $2.5 million solar debt facilities, finalized in late 2023, for Sunwealth Power Inc. to support the deployment of 18 distributed generation projects across the country.
The debt facilities helped Sunwealth, a leading mission-oriented clean energy investment firm, finance its growing portfolio of traditionally underserved projects, including solar PV systems installed on nonprofit, faith-based, and affordable housing properties.
IPC is a national nonprofit that aims to increase financing to clean energy projects that benefit traditionally underserved communities and credits. IPC works with partner organizations to identify and close clean energy market gaps in underserved markets through catalytic financing programs.
“Inclusive Prosperity Capital is thrilled to partner with Sunwealth in supporting high-impact and underserved solar projects across the country,” said Kerry O’Neill, IPC’S CEO. “We share a mission to build a more inclusive, equitable, and prosperous future through clean energy and we look forward to continuing that mission together.”
John D’Agostino, Managing Director of Clean Energy Transactions, added, “We are proud to expand the reach and impact of our solar lending arm through this transaction, which we hope will serve as a model for future partnerships with established, mission-aligned developers like Sunwealth. We look forward to continuing to find creative solutions and productive partnerships to catalyze clean energy investments in underserved markets.”
Both organizations hope to build on their relationship in the future through potential opportunities under the Greenhouse Gas Reduction Fund.
Founded in 2014 and based in Cambridge, MA, Sunwealth is one of the country’s largest and most successful small distributed-generation developers and project financiers. Sunwealth develops, finances, owns, and operates underserved solar projects and emphasizes investment in nontraditionally-owned or –led solar companies and projects that uplift low-income communities.
“Sunwealth is excited and deeply grateful to be partnering with Inclusive Prosperity Capital. Our mission alignment and shared commitment to building wealth, sustainability, and resilience in underserved communities make this partnership both meaningful and impactful,” said Sunwealth CEO, Jon Abe. “We look forward to, together, developing a portfolio of solar projects that will supply reliable clean energy, green jobs, and significant energy savings to communities across the U.S.”
The portfolio financed by the partnership consists of 18 projects spread across six states, totaling 3.5 MW. Over the projects’ operational lifetimes, they are projected to generate $11.4 million in energy savings and over 120 solar job years, while offsetting over 85,000 metric tons of carbon emissions.
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About Inclusive Prosperity Capital
Inclusive Prosperity Capital, Inc. (IPC) is a nonprofit organization that operates at the intersection of clean energy finance and community development. Our team delivers comprehensive energy financing solutions, innovative tech-enabled lending platforms, and financial products that foster inclusive access to climate solutions. We are dedicated to deploying capital strategically into historically underserved energy markets, projects, and mission-aligned organizations through innovative structuring and initiatives.
As a thought leader in the industry, IPC is demonstrating how impact can be scaled. Learn more about how IPC is shaping the future of inclusive clean energy and explore opportunities to partner with our mission by visiting our website at https://www.inclusiveprosperitycapital.org/.
Media contact: Brian Liechti (brian.liechti@inclusiveteam.org), Senior Manager, Market Engagement
About Sunwealth
Sunwealth is a clean energy investment firm working to change who has access to renewable energy by changing the way we invest in it. Combining deep experience in solar development and finance with roots in community and impact investing, Sunwealth invests in commercial solar projects; delivering clean energy and energy savings to communities while providing strong financial returns to our investors and partners. Since 2014, the company has invested over $194 million in more than 646 community-based solar projects nationwide; the company has delivered targeted returns to investors for 9 years with no defaults. For four consecutive years, Impact Assets named Sunwealth to its IA50, a leading list of impact fund managers; Environmental Finance awarded Sunwealth its 2023 Award for Innovation – Bond Structure (Social Bond) and named Sunwealth’s Solar Impact Fund its ESG Fixed Income Fund of the Year.
Media contact: Martha Buckley (martha@sunwealth.com), Senior Manager