Inclusive Prosperity Capital, Inc. Receives $10 Million Guarantee from The Kresge Foundation

Kresge Credit Enhancement to Support Connecticut Green Bank Spin-Out in Capitalizing and Deploying Accessible Clean Energy Across the Nation

ROCKY HILL, May 7, 2019 – Inclusive Prosperity Capital, Inc. (IPC), a mission-aligned specialty financing spin-out of the Connecticut Green Bank, is pleased to announce a $10 million guarantee and multi-year operating grant provided by The Kresge Foundation, a private foundation in metro Detroit. The grant allows IPC to fund its startup operations and expansion outside Connecticut while the long-term facility will accelerate the launch of IPC’s flagship investment fund, which will deploy capital into clean energy programs and projects nationwide.

Kerry O’Neill, CEO of Inclusive Prosperity Capital, said, “Kresge’s guarantee is especially catalytic because it provides our new fund structure with the sort of institutional, anchor support that can serve as the foundation for a flexible capital stack that both meets diverse investor needs and allows IPC to address traditionally underinvested market segments.”

Working at the intersection of clean energy finance, community development, and climate impact, IPC was launched in late 2018 as a spin-out of the Connecticut Green Bank, the nation’s first state green bank, in partnership with the State of Connecticut’s Department of Energy and Environmental Protection (DEEP) and philanthropic funders including The Kresge Foundation and Hewlett Foundation. IPC is purpose-built to scale up clean energy deployment in the very markets that need it most because IPC combines mission-aligned and market-rate capital into a unique investment platform that balances market accessibility with risk-adjusted return hurdles.  As a result, capital is drawn to projects that unlock the benefits of reduced energy bills, locally driven economic development, and improved health outcomes.

“This guarantee is grounded in Kresge’s commitment to help more people who live in low-income communities enjoy the benefits of the best in climate resiliency advancements,” said Kim Dempsey, Kresge’s deputy director for the Social Investment Practice. “IPC’s promising new business model is designed to catalyze the clean energy market, and we hope our support allows the organization to create long-term partnerships with investors, service providers and customers.”

IPC’s approach builds on the team’s successful track record at the Connecticut Green Bank, which has yielded strong portfolio performance across approximately $1.6 billion of capital deployment in underserved markets. The Kresge Foundation has been a critical, mission-aligned partner to the evolution of IPC’s approach into new markets, providing a well-structured credit enhancement that investors can leverage to extend impact nationally.

IPC offers impact investment opportunities for equity investors, tax credit investors, and lenders looking to deploy capital across a scalable platform without sacrificing on risk thresholds or returns hurdles. IPC uses a proven channel partner origination strategy to work with clean energy leaders across the country to identify investment opportunities across local, regional, and national markets.

About Inclusive Prosperity Capital:

Inclusive Prosperity Capital, Inc. (“IPC”) is a not-for-profit investment fund scaling clean energy financing solutions that channels investment capital to program partners in communities that need it most. As a spin-out and strategic partner of the Connecticut Green Bank, IPC is focused on scaling its work in Connecticut and expanding its successful model into other regions by accessing mission-driven capital and partnerships. IPC operates at the intersection of community development, clean energy finance, and climate impact. We believe everyone should have access to the benefits of clean energy, helping to deliver Inclusive Prosperity.

About The Kresge Foundation:

The Kresge Foundation was founded in 1924 to promote human progress. Today, Kresge fulfills that mission by building and strengthening pathways to opportunity for low-income people in America’s cities, seeking to dismantle structural and systemic barriers to equality and justice. Using a full array of grant, loan, and other investment tools, Kresge invests more than $160 million annually to foster economic and social change. For more information visit

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