National Archives - Inclusive Prosperity Capital

Inclusive Prosperity Capital, Inc. and the Community Power Coalition “Powering America Together” Program Selected by U.S. Environmental Protection Agency for Solar for All Award

The Community Power Coalition Will Build the Capacity of Mission-Focused Community Solar Developers Across the Country and Scale New Models that Deliver the Benefits of Solar, Resilience, and Empowerment in Partnership with Low-Income and Disadvantaged Communities For immediate release Washington, DC (Earth Day, April 22, 2024) – Today, the Environmental Protection Agency (EPA) announced its selection of Inclusive Prosperity Capital, Inc. (IPC) and the Community Power Coalition for an award of $249.3 million from Solar for All for their “Powering America Together” program. The program, which covers 44 states and territories along with all 10 EPA regions, aims to bring significant benefits to Americans in low-income and disadvantaged communities. It will achieve this through community solar projects that lower energy costs, create quality jobs, build community wealth, enhance energy resilience, and promote fair workforce development. Solar for All, which is one of three competitions under the Biden-Harris Administration’s Greenhouse Gas Reduction Fund, is a historic $7 billion investment to enable low-income and disadvantaged households across America to access the benefits of low-cost solar energy. “Today we’re delivering on President Biden’s promise that no community is left behind by investing $7 billion in solar energy projects for over 900,000 households in low-income and disadvantaged communities,” said EPA Administrator Michael S. Regan. “The selectees will advance solar energy initiatives across the country, creating hundreds of thousands of good- paying jobs, saving $8 billion in energy costs for families, delivering cleaner air, and combating climate change.” The Community Power Coalition, led by IPC and comprised of Black Owners of Solar Services, Clean Energy Group, Coalition for Community Solar Access, Community Housing Capital, GRID Alternatives, Interstate Renewable Energy Council, People’s Solar Energy Fund, ROC USA, and the University of New Hampshire Carsey School Center for Impact Finance, shares a commitment to a community-centered model of lowering energy costs for families, creating quality jobs, advancing climate justice, and empowering low-income and disadvantaged communities to develop solar solutions that fit their unique needs. The Community Power Coalition members have worked with the Department of Energy’s Community Power Accelerator and National Community Solar Partnership as developers, financing partners, trainers, and technical assistance providers. Coalition members also bring expertise in solar financing, workforce development, BIPOC entrepreneurship, affordable housing, and policy. The coalition aims to increase the capacity and deployment of mission-driven, community-based solar developers throughout America. “We are thrilled to be chosen for the EPA’s Solar For All program and to lead the Community Power Coalition,” said Kerry O’Neill, CEO of Inclusive Prosperity Capital, Inc. “The Community Power Coalition is eager to build a movement of community-based solar developers who are committed to providing significant benefits to low-income and disadvantaged communities. We are grateful to EPA for the opportunity to be part of this historic investment to bring the benefits of solar to communities all across the country.” Through its Powering America Together program, the Community Power Coalition will focus innovation and scaling on community solar models that provide multiple meaningful benefits: Community-owned models seeking to build wealth for low-income and disadvantaged communities Affordable multifamily housing models benefitting low-income tenants in regions without enabling community solar policy Resident-owned-community models for solar in cooperatively owned manufactured home developments Models aligned to the requirements of rural regions, generating additional wealth for rural landowners and rural electric cooperative ownership Models that integrate developers and equitable workforce development The coalition’s program(s) will offer a variety of low-cost financial assistance, including predevelopment and construction financing, bridge loans for tax credits, permanent financing, and grants to support community solar projects. This includes financing for interconnection costs and upgrades, with a focus on using Solar for All funds to bridge financing gaps and maximize other financing resources. The coalition also aims to expand community solar access for low-income and disadvantaged communities in nascent state markets. Education and technical assistance on community solar models and supportive regulations will be provided by the Community Power Coalition. Additionally, financing incentives will be offered for projects in states that reduce regulatory barriers, and support will be given to mission-driven, community-based developers testing innovative approaches. The program’s broad technical assistance scope will include connecting developers to local workforce development ecosystems, expanding the Community Power Accelerator training program, providing hands-on assistance for challenges like interconnection and project finance, and offering community engagement and culturally appropriate outreach. The coalition will have a dedicated focus on building the capacity of community solar developers from under-represented backgrounds. In all, with a strong commitment to community-centered solutions, this groundbreaking initiative not only aims to lower energy costs, create quality jobs, and enhance energy resilience but also to empower low-income and disadvantaged communities to shape their sustainable future. Through collaboration, innovation, and a dedication to climate justice, the program’s enduring legacy will be the cultivation of an ever-growing network of mission-driven developers who advance climate equity through community solar, driving positive transformations in communities disproportionately affected by climate change. Read the EPA’s official press release here. Details about the EPA’s Greenhouse Gas Reduction Fund, including Solar for All, can be found here. About Inclusive Prosperity Capital, Inc. Inclusive Prosperity Capital, Inc. (“IPC”) is a national mission-driven nonprofit clean energy financing platform scaling solutions that channel investment capital to communities that need it most through mission-aligned program partners. 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. For more information about Inclusive Prosperity Capital, Inc., please visit https://www.inclusiveprosperitycapital.org.

Inclusive Prosperity Capital, Inc. and the Community Power Coalition “Powering America Together” Program Selected by U.S. Environmental Protection Agency for Solar for All Award Read More »

Justice Climate Fund Selected for the Greenhouse Gas Reduction Fund’s Clean Communities Investment Accelerator Program by EPA

News & Events

Hartford, CT (April 4, 2023) – Inclusive Prosperity Capital, Inc. (IPC) today issued the following statement regarding the Environmental Protection Agency (EPA) announcement that the Justice Climate Fund (JCF) has been selected to begin award negotiations for the Greenhouse Gas Reduction Fund (GGRF) Clean Communities Investment Accelerator (CCIA) program. IPC is a proud partner in the JCF Coalition. Inclusive Prosperity Capital, Inc. (IPC) thanks the Biden Administration and the EPA for selecting the Justice Climate Fund (JCF) to begin award negotiations for the GGRF CCIA program. These federal investments will help our country meet climate goals and reduce air pollution, advancing a better future for rural and urban families alike, including the communities we serve. In addition to reducing carbon emissions, the investments will also deliver greater economic security, creating better-paying jobs and opportunities for small businesses across America while also fostering financial inclusion via America’s Main Street financial institutions — the very community lenders that have delivered, for decades, financial opportunity, security and prosperity to struggling Americans. JCF’s network of community lenders serves 281 million Americans — or almost 86% of this nation — and includes more than 1,000 CDFIs across every state in the nation and multiple territories. IPC welcomes the opportunity to work through JCF to collaborate with the EPA to bring climate solutions, and their many benefits, to our nation’s communities and homes.

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Inclusive Prosperity Capital, Inc. Celebrates the Announcement of $20B in Greenhouse Gas Reduction Funds by EPA

News & Events

Hartford, CT (April 4, 2023) – Today, Inclusive Prosperity Capital, Inc. celebrates a monumental moment – the historic announcement by the Environmental Protection Agency (EPA) of the 8 organizations selected to receive $20B of Greenhouse Gas Reduction Funds. This transformative investment will create a national clean financing network and deliver much-needed support to low-income and disadvantaged communities and those most impacted by climate change. IPC congratulates Climate United, Coalition for Green Capital, and Power Forward Communities for being selected for the National Clean Investment Fund and Opportunity Finance Network, Inclusiv, Native CDFI Network, Inc., Appalachian Community Capital, and Justice Climate Fund for being selected for the Clean Communities Investment Accelerator. IPC is proud to be a part of the Justice Climate Fund and OFN applications and to support the Inclusiv and Power Forward Communities programs. In the coming months and years, we look forward to our continued collaboration with so many partners and friends in each of the coalitions selected today. In 2018, we set out with the mission to catalyze clean energy finance in underserved communities, and we’ve been working towards this moment with so many dedicated people and organizations for a very long time (too many to name!). We thank the Biden Administration and the EPA for their continued commitment and work in making this happen, and we are excited to partner with the recipients to ensure no one is left behind in the clean energy transition. Learn more about this historic announcement by reading the official EPA press release.

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IPC x BlocPower

Case Study

In 2019, BlocPower approached Inclusive Prosperity Capital to provide no-cost customer financing for heat pump upgrades to small- and mid-sized properties in urban areas. IPC worked with BlocPower to assemble a financing structure that helped BlocPower catalyze its project development pipeline, scale deployment and, in 2020, attract interest and investment from Goldman Sachs’ prestigious Urban Investment Group. Who is BlocPower? BlocPower is a climate tech startup creating smarter, healthier, greener buildings for all by reducing the barriers to money-saving, quality-of-life-improving green building retrofits. BlocPower provides turnkey engineering, financing, and project implementation services for clients in front line communities across the country. Why is IPC involved? IPC structured a $5M energy efficiency creditfacility for BlocPower to launch its first financing product in their target market of owners with few financing options. These markets include nonprofits, multifamily properties, small and medium commercial properties. Creating Resilience & Equity Through Technology BlocPower’s innovative financing model increases access to heat pump technology for low-to-moderate income and environmental justice communities. Through an energy service agreement, a leaseon the equipment that includes operations and maintenance, BlocPower delivers an affordable solution for building electrification retrofits. Brooklyn-based Energy Technology Startup BlocPower was founded with a mission to leverage the forces of technology and finance to create clean energy projects and better living conditions for Americans living in inner cities. These communities are underserved by traditional energy services companies because they are considered too small, too costly, or too risky. Heat Pump Benefits Heat pumps use electricity, not combustion of fossil fuels, to comfortably and efficiently heat and coola space. They offer precise temperature control and filter the air they deliver to create healthy living environments in all climates.

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$12M Loan to High-Impact Residential Solar Provider PosiGen, Catalyzing the Energy Transition in Lower-Income American Communities

News & Events

Inclusive Prosperity Capital recently partnered with the Connecticut Green Bank and ImpactAssets to extend a catalytic $12 million bridge loan to PosiGen, the nation’s leading residential solar and energy efficiency provider for low-to-moderate income (LMI) homeowners, instantly boosting their cash flow and enabling the immediate deployment of solar and energy efficiency upgrades in LMI communities. The loan provides short-term liquidity against the to-be-realized value of low-income Investment Tax Credit adders under the Inflation Reduction Act. “IPC is thrilled to partner with the Connecticut Green Bank and ImpactAssets to support PosiGen with tax credit bridge financing, unlocking capital right now to the benefit of families suffering high energy burdens,” said Kerry O’Neill, CEO of Inclusive Prosperity Capital. “This type of creative structuring for an innovative leader like PosiGen is exactly what is needed to ensure no one is left behind in the clean energy transition.” Read the full announcement

$12M Loan to High-Impact Residential Solar Provider PosiGen, Catalyzing the Energy Transition in Lower-Income American Communities Read More »

Inclusiv Center for Resilience & Clean Energy Expanding ‘Smart E-Loan’ Program to 3 States

News & Events

NEW YORK–The Inclusiv Center for Resiliency and Clean Energy and Inclusive Prosperity Capital (IPC) have partnered to expand the “Smart-E Loan,” IPC’s national residential green lending program, to New Mexico, Arizona, and Texas, according to the organizations. Inclusiv said the expansion is being made possible due to philanthropic support from The Wells Fargo Foundation and the Community Investment Guarantee Pool. To mark the partnership, the organizations said Guadalupe Credit Union in Santa Fe will host a Home Energy Earth Day Celebration for local community-based lenders, home energy contractors, and local homeowners at its airport branch. “The Smart-E Loan connects local community-led lenders with a network of vetted and approved contractors to help homeowners, including low- and moderate-income (LMI) homeowners, finance and implement home energy and water efficiency, clean energy, and climate resiliency projects,” The Inclusiv Center said. “The program helps homeowners save on utility bills by financing home improvements via flexible, low-interest loans and strong consumer protections.” More Than $540M in Improvements The organizations noted that since 2009, Connecticut, Michigan, and Colorado have been offering the Smart-E Loan and similar products, and that more than 44,000 homeowners across the three states have made more than $540 million worth of home improvements that reduced energy bills and “helped to make their homes more comfortable.” “We’re seeing demand nationwide for a financing solution that will allow homeowners to afford the more energy efficient and green choice for their home,” said Kerry O’Neill, CEO at Inclusive Prosperity Capital. “This loan program also helps local businesses grow by giving contractors access to community lenders that help them serve even more customers. We’re thrilled to bring the Smart-E Loan’s affordable solution to communities across New Mexico, building on years of experience and success working with local lenders, contractors, and homeowners (in other states).” A ‘Burgeoning Field’ The Inclusiv Center for Resiliency and Clean Energy said it leads the burgeoning field of community-based finance for climate action. “The Center drives affordable financing to rural, Tribal, environmental justice, and energy communities to help grow local cleantech markets and reduce greenhouse gas emissions,” the organization stated. Inclusiv, in partnership with the Center for Impact Finance at University of New Hampshire’s Carsey School of Public Policy (UNH), said it runs a robust training program and network for community-based lenders – including Community Development Credit Unions (CDCUs), Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), and community development banks – that are driving equitable decarbonization across the country. “The lenders that the Inclusiv Center for Resiliency and Clean Energy supports have transformed access to clean energy and energy efficiency in LMI and BIPOC communities, particularly in areas that lack local support for climate action,” the organization said. “In just over two years, this training program has guided close to 200 community-based financial institutions across the U.S. to develop affordable financing for decarbonization and nearly 400 credit unions across the country already offer dedicated green loan products. A sample of just 73 of these lenders reported investing over $2.24 billion in green loans in the past 2-4 years, including financing solar installations to serve almost 20,000 households.” According to the organizations, many of these same community lenders are using the Smart-E Loan program to reach LMI homeowners and communities historically marginalized by the financial system. ‘Building Financial Empowerment’ “Guadalupe Credit Union, a CDFI and MDI that is building financial empowerment in Santa Fe and Northern New Mexico, will fulfill this mission by offering the Smart-E Loan to homeowners of color and immigrant homeowners, who have limited access to safe and affordable loans,” the Inclusiv Center said. “In addition to the climate benefits of reducing greenhouse gas emissions, the program can help lower homeowners’ energy bills, increase their financial well-being, and may even increase their property values.” The Inclusiv Center for Resiliency and Clean Energy and Inclusive Prosperity Capital said they are partnering with local groups in New Mexico that include the Credit Union Association of New Mexico, New Mexico Renewable Energy Industries Association, the Santa Fe Chamber of Commerce, the City of Santa Fe and others to bring the Smart-E Loan to the state. ‘Important Step Forward’ “This collaborative pilot to bring the Smart-E Loan program to New Mexico is an important step forward in expanding access to affordable green loans nationwide through innovative green lending platforms,” said Cathie Mahon, president/CEO, Inclusiv. “The lessons learned in New Mexico will help our organizations build credit unions’ green lending capacity nationally,” Link to article

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Amalgamated Bank Announces $15 million Loan for Decarbonization and Climate Resilience Initiatives

News & Events

Inclusive Prosperity Capital (IPC) has received a loan for $15 million from mission-aligned partner Amalgamated Bank to expand its work in underserved communities and markets across the country. A subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL) Amalgamated Bank is a mission-driven, full-service commercial bank that empowers organizations and individuals to advance positive social and environmental change. “IPC’s partnership with a forward-thinking financial institution like Amalgamated Bank is an important step in our continued growth. IPC is excited to begin deploying Amalgamated’s capital with our programs and partners to accelerate decarbonization and address climate injustices. Partnerships like those with Amalgamated make it possible to open markets and investment channels that make the built environment more resilient for everyone – the core mission of IPC,” said Kerry O’Neil, CEO, Inclusive Prosperity Capital. With the historic passage of the Inflation Reduction Act in the Senate (congratulations and thank you Senators!), including funding for a national climate bank with significant resources for low-income and disadvantaged communities, IPC is ready to scale up. As Joe Evans of Kresge Foundation said about the Amalgamated Bank loan , “…IPC provides a core piece of green banking infrastructure, bringing important project capital, technical expertise, products other community lenders can leverage…” Thank you Amalgamated for your investment and Kresge for risk mitigation support. The partnership with Amalgamated Bank and other funders like Kresge Foundation means we’re ready to get to work with all of you! Follow this link to read the article. For project inquiries contact us here.

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