Deal Spotlight Archives - Inclusive Prosperity Capital

IPC Partners with Michigan Saves to Decarbonize Detroit Nonprofit

Project typeHVAC Electrification IPC productCatalyst Term Loan LocationDetroit, MI Building typeNonprofit Catalyst loan amount55 kW Projected lifetime GHG avoided53 tons Deal partnersMichigan Saves Projected lifetime energy savings230 mmBTU UpgradesVariable Refrigerant Flow (VRF) Heat Pump System Removal of insulation containing asbestos and existing ductwork HVAC Electrification · Catalyst Term Loan · Detroit, Michigan The Project EcoWorks, a Detroit-based nonprofit creating equitable and inclusive solutions to climate change and other sustainability challenges, wanted to fully electrify and completely decarbonize their energy use. Inclusive Prosperity Capital, Inc. (IPC) worked in partnership with Michigan Saves, to fund the final step in EcoWorks’ decarbonization and electrification journey. EcoWorks’ building started out as an energy demonstration center. They had already installed rooftop solar and added insulation to the building, but they were still running a 30-year-old gas boiler and a 20-year-old hot deck / cold deck air conditioning system, both extremely inefficient. Additionally, the heating system’s damper was disconnected, creating a health and safety hazard for the occupants of the building. Asbestos insulation and existing ductwork would have to be removed, further complicating the project and adding expense. As a nonprofit with very little capital, EcoWorks needed a longer loan term to make the payments for this project affordable, and IPC, in coordination with MI Saves, was able to provide the more flexible Catalyst loan required. Meanwhile, Detroit Economic Growth Corporation provided the loan loss reserve funding. Advanced Temperature Solutions, a locally-owned and operated HVAC contracting company based in Warren, MI, installed the new air source Variable Refrigerant Flow (VRF) heat pumps that provided efficient, fully electric heating and cooling for EcoWorks, completing their decarbonization journey. The Impact When nonprofit organizations with missions aligned at the crossroads of sustainability and social justice collaborate, previously unreachable goals like full decarbonization can be attained, and we all take a step together toward solving climate change. IPC and MI Saves were able to provide the financing that EcoWorks required to move their decarbonization electrification project forward. $175,748Projected lifetime energy cost savings

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IPC Closes First Interconnection Bridge Loan with Woodfield Renewables

Deal Spotlight

Project typeInterconnectionBridge Financing LocationNew York State System size5.5 MW-dc EPCAccord Power Interconnection territoryNYISO & Con Ed Closing dateDecember 2023 Interconnection Bridge Financing · New York State The Project Inclusive Prosperity Capital, Inc. (IPC) recently launched a new loan product, built on NY Green Bank’s successful interconnection bridge loan model, helping to close a crucial gap in the market that is causing major delays to the clean energy transition across the country. IPC closed its first interconnection bridge loan to Woodfield Renewables, LLC, an emerging New York State community-distributed solar generation and storage developer, in December 2023. The NY Green Bank referred the project to IPC for financing. The project is expected to be a 5.5 MW-dc project located in NY Independent System Operator and ConEd utility service territory. The loan will help cover the deposits Woodfield Renewables must make for the cost of interconnection based on ConEd’s Coordinated Electric System Interconnection Review, which details the interconnection costs and system upgrades associated with the project, per New York State regulations. The Impact Whenever a new clean energy project is installed and needs to interface with the local power grid, a connection must be made to allow the newer technology to work seamlessly with the existing grid. Our accelerating transition to clean energy has created challenges for the U.S. interconnection system, drawing wide attention, including from journalists and public utility commissions, and members of Congress. Longer interconnection queues can lead to the loss of potential revenue and construction delays for developers, even the cancellation of entire projects. For solar developers, using capital for interconnection upgrades while applying for interconnection — a process that can take months — can slow down the development of other projects in their portfolio. These delays decelerate the clean energy transition as a whole. A solution to this market gap exists, however, in the form of interconnection bridge loans like IPC’s loan to Woodfield Renewables, LLC. Interconnection bridge lending is a crucial emerging financing opportunity throughout the country, but is currently underserved due to the specialized and technical nature of utility markets. IPC brought our knowledge and expertise to meet the challenges this market presents. IPC’s interconnection bridge product aligns with our mission to bring scalable financing solutions and deploy capital to underserved markets to catalyze clean energy development across the country.

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IPC Energizes Solar PV System at Landmark Cathedral of St. John the Divine

Deal Spotlight

Project typeSolar PV IPC ProductSolar PPA LocationNew York, NY Building typeHouse of Worship System size55 kW OriginatorSolar One EPCAccord Power Project energizedJanuary 2023 Projected lifetime energy production1,369,041 kWh Projected lifetime GHG reduction1,069 tons Solar PV · Solar PPA · New York, New York The Project The Cathedral of St. John the Divine, one of the largest cathedrals in the world, is a community pillar in Manhattan’s Upper West Side and is now home to a new rooftop solar PV system. Solar One, a NYC-based environmental not-for-profit supporting underserved solar development in the region, originated the project on behalf of the Cathedral, selecting Inclusive Prosperity Capital, Inc. (IPC) to develop the project through completion. Accord Power, a leading Queens-based engineering, procurement, and construction (EPC) solar developer, installed the 55-kW system on the roof of an atrium attached to the Cathedral. The New York Green Bank provided construction and permanent financing for the project, and NYSERDA provided funding through its NY-Sun program. Construction began on the Cathedral in 1892, and it was opened and consecrated in 1911. In 2017, the Cathedral earned a designation from the New York City Landmarks Preservation Commission. The solar project conforms to all relevant NYC Landmark requirements. This is IPC’s first Landmark project, and its first project with Solar One. The Impact The solar PV system contributes to the Cathedral’s long-term financial and environmental sustainability and commitment to clean energy. The Cathedral receives a discount on their electricity rate for the portion that the system offsets. $95,535Projected lifetime energy cost savings

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IPC & MCGB Partner on Solar for Multifamily Affordable Housing

Deal Spotlight

Project typeSolar PV + Roof Replacement Loan typeProject Finance LocationGaithersburg, MD Building typeMultifamily Affordable Housing System size1.97 MW InstallersSolar Energy Services & Patuxent Engineering Total project cost$11.4 million Loan amount$2 million Projected annual energy production2,583,535 kWh Projected annual GHG reduction2,007 tons Solar PV + Roof Replacement · Gaithersburg, Maryland The Project Partnerships are at the heart of Inclusive Prosperity Capital, Inc.’s (IPC) approach to providing clean energy solutions for underserved communities and markets. In this case, IPC partnered with a group of lenders on the largest multifamily affordable housing rooftop solar project in Montgomery County, Maryland. The group included the Montgomery County Green Bank, NYCEEC, a NYC-based green bank, and Locus (formerly Virginia Community Capital), a community development financial institution (CDFI). Constructed in 1973, Seneca Village is a 58-building, 684-unit apartment complex on 40 acres in Gaithersburg, Maryland. The project includes a combined 1.97 MW rooftop solar PV array and new, energy-efficient roofs at the complex. Solar Energy Solutions is installing the solar arrays and Patuxent installed the roof. The solar PV system is expected to energize in the fall of 2023. The Montgomery County Green Bank led this transaction, which featured two facilities, one with participations from NYCEEC and Locus, and one from IPC. IPC provided $2 million of mezzanine debt to the property’s developer to ensure this project would be completed, rounding out the capital stack. This innovative partnership is a prime example of our dedication to working with other green banks and CDFIs to ensure everyone has access to the benefits of clean energy, especially in underserved markets. It provides a template for similar investments in multifamily affordable housing projects in the future. The Impact Seneca Village serves a range of households, 90% of which are low-to-moderate income.* In the first year, the property is projected to save $267,333 in energy costs as a result of the new solar PV array and energy-efficient roof upgrades. *Defined as 60% of area median income or below $6,540,975Projected lifetime energy cost savings

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IPC Energizes its First Massachusetts SMART Commercial Solar Project

Deal Spotlight

Project typeRooftop PV IPC productSolar PPA (Roof lease) LocationMedfield, MA Building typeCommercial System size186 kW Term20-year roof lease EPCGreen Earth Roofing Solutions DeveloperClean Footprint Project energizedSeptember 2022 Projected lifetime energy production3,994,861 kWh Projected lifetime GHG reduction3,121 tons Rooftop PV · Community Solar · Medfield, Massachusetts The Project Inclusive Prosperity Capital is proud to announce the completion and energization of its first commercial solar PV system in Massachusetts, a 186-kW rooftop array developed in partnership with national solar developer Clean Footprint, Massachusetts-based EPC Green Earth Roofing Solutions, and 106 Adams, LLC. The system, located at 106 Adams Street in Medfield, MA, is a commercial property home to three small businesses supporting the broader Medfield community. The project was developed via the Massachusetts SMART program’s virtual net metering offering. The Impact The standalone system model provides the property owner with annual lease payments, generating additional revenue and supporting local economic development. IPC partnered with Arcadia Power to contract the electricity generated with a local business to receive a 10% savings on their electric bill.

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Developing Long Island’s First Municipal Solar + Storage System

Deal Spotlight

Project typeRooftop PV + Storage IPC ProductSolar PPA LocationEast Hampton, NY Building typeMunicipal System size76 kW DeveloperNew York Power Authority EPCSolar Liberty Project energizedJanuary 2023 Projected lifetime energy production1,744,593 kWh Projected lifetime GHG reduction45.1 tons Rooftop PV + Battery Storage · Solar PPA · East Hampton, New York The Project Partnering with the New York Power Authority (NYPA), Inclusive Prosperity Capital (IPC) developed a rooftop solar PV + battery storage system for the Town of East Hampton, New York. Installed by Solar Liberty, a leading solar EPC developer with over 20 years of experience, the 76-kW solar PV and 60-kW battery storage system is the first municipal solar + storage system on Long Island. It is also IPC’s first project on Long Island and the first that includes solar plus storage. The New York Green Bank provided construction and permanent financing for the project. The Impact The electricity generated by the solar PV system will charge the 60-kW battery, providing resilient generating capacity for the Town. The system offsets a portion of the energy costs for the building via credits from the energy produced, and any additional energy credits will be allocated to other buildings on the Town Hall campus. The project will contribute to the Town’s goal of generating 100% of its community electricity from renewable sources by 2030.

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IPC Completes Flagship Queens, NY Carport Project

Deal Spotlight

Project typePV Carport IPC productSolar PPA LocationJamaica, NY Building typeHouse of Worship, Retreat Center, Monastery, School System size375 kW Developer/EPCMission Energy Projected lifetime energy production10,255,424 kWh Project energizedOctober 2022 Projected lifetime GHG reduction209 tons PV Carport · Solar PPA · Queens, New York The Project Inclusive Prosperity Capital (IPC) partnered with Mission Energy, a national solar developer and contractor serving the nonprofit market, to install a solar PV system on the campus of the Immaculate Conception Monastery, a cornerstone house of worship in Jamaica, Queens. Immaculate Conception also serves as the Provincial Office for the Passionists of St. Paul of the Cross Province, a worldwide religious order that is deeply committed to caring for the environment. The 375-kW carport system was installed by EmPower Solar, one of the greater NYC region’s leading residential and commercial installers, with more than 50 MW of distributed solar and storage capacity installed since 2003. Located within city limits, this is IPC’s first project energized in NYC and New York State and first solar carport. The New York Green Bank provided construction and permanent financing for the project. The Impact The energy produced by the 375-kW system will offset significant energy costs for the campus, which includes a monastery, a house of worship, and a school. The project allows Immaculate Conception to monetize its parking lot to benefit its community of faith and further its mission. In addition, the carport provides important shade for Immaculate Conception’s visitors while reducing the urban heat island effect. This is one of many projects the Passionists organization has completed with IPC in an effort to mitigate climate change and promote clean energy in response to Pope Francis’ 2015 encyclical Laudato si’, which calls for “swift and unified global action” on climate change and environmental degradation.

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