New York Archives - Inclusive Prosperity Capital

IPC Closes First Interconnection Bridge Loan with Woodfield Renewables

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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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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During the opening plenary of the ACEEE Finance Forum, Chief Strategy Officer, James McIntyre spoke to the work our team is doing in Ithaca with support of our partners.

News & Events

The panel highlighted the exciting new endeavor that the City of Ithaca is embarking on with IPC partner BlocPower, to help the City reach the building decarbonization goals set under its Green New Deal, targeting carbon neutrality by 2030. BlocPower is a climate tech startup creating smarter, greener, healthier buildings for all by reducing the barriers to money-saving, quality of-life-improving green building retrofits including installation of heat pump systems. 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 lease on the equipment that includes operations and maintenance, BlocPower delivers an affordable solution for building electrification retrofits. The panel focused on the role of IPC and our partners in decarbonization efforts throughout the city. One key part of the solution in Ithaca will involve the investment of capital into buildings that are converting to high efficiency heating and cooling solutions, including privately owned buildings. IPC leverages our capital by investing in projects like these around the country, including creating a lending facility for organizations like BlocPower that allows them to scale the deployment of energy efficient technologies. Contact us to learn more about how IPC can work with communities on developing financing strategies for decarbonization by emailing us at info@inclusiveteam.org

During the opening plenary of the ACEEE Finance Forum, Chief Strategy Officer, James McIntyre spoke to the work our team is doing in Ithaca with support of our partners. Read More »

East Hampton Town’s First Solar Installation With Battery Storage System Will Generate Renewable Energy, Store Excess Power for Use or Sale During Periods of Peak Energy Demand

News & Events

Original Release: NYPA solar pr rel Aug 25 2021 TOWN OF EAST HAMPTON159 Pantigo RoadEast Hampton, New York 11937PETER VAN SCOYOC (631) 324-4140Supervisor pvanscoyoc@ehamptonny.govFOR IMMEDIATE RELEASEAugust 25, 2021 East Hampton Town’s First Solar Installation With Battery Storage System Will Generate Renewable Energy, Store Excess Power for Use or Sale During Periods of Peak Energy DemandTown collaborates with New York Power Authority to install rooftop system on Parks Department building East Hampton Town’s First Solar Installation With Battery Storage System Will Generate Renewable Energy, Store Excess Power for Use or Sale During Periods of Peak Energy Demand Town collaborates with New York Power Authority to install rooftop system on Parks Department building East Hampton Town’s first solar-plus-battery storage system is being installed on the roof of the Parks Department building at the Town Hall campus at 159 Pantigo Road in East Hampton. The 75-kilowatt solar PV (photovoltaic) system will generate clean, renewable power and charge a 137 kilowatt-hour battery that will allow the Town to sell excess power to the grid when demand and prices are at their peak. The Town, in collaboration with the New York Power Authority (NYPA), selected New York-based Solar Liberty and its financing partner on the project, Inclusive Prosperity Capital, through a competitive process to develop the solar-plus-battery storage system. NYPA recommended the system’s installation as part of East Hampton’s ongoing efforts to move toward a 100 percent renewable energy goal. The project also supports New York State’s aggressive solar and energy storage targets to fight climate change, which include the state generating 70 percent of its electricity from renewable sources by 2030. Other East Hampton Town buildings were also considered for solar and energy storage, but it was determined that the Parks Department was the best candidate for an immediate installation. This will be the first solar-plus-battery storage system installed at a town facility. Solar panels are already producing power at the Montauk police precinct and at the Lamb building shared by the East Hampton Office of Housing and Community Development and Town Trustees in Amagansett. “Not only will this project reduce carbon emissions and make the Town Hall campus more resilient, it is also estimated to save taxpayers at least $10,000 a year between bill credits and reduced electrical costs,” said East Hampton Town Supervisor Peter Van Scoyoc. The solar PV system will be financed through a 20-year Power Purchase Agreement (PPA) with Inclusive Prosperity Capital, with no upfront costs to the town. A PPA also enables the Town to benefit from cost offsets provided by tax credits. The battery was added at no cost to the Town through support from NYPA.“NYPA is proud to partner with the Town of East Hampton to help achieve its ambitious renewable energy goals,” said NYPA President and CEO Gil C. Quiniones. “This significant solar and storage solution illustrates the potential for energy and financial savings for public facilities and will lead the way for other municipalities.” It’s estimated that the power produced by the solar PV system in one year avoids the amount of emissions produced by the consumption of 7,000 gallons of gasoline, burning 68,000 pounds of coal, or the annual electricity usage of 11 homes. This project will expand the Town’s current solar portfolio, which in addition to the solar PV systems on the Lamb building and the Montauk police precinct includes the independently operated Accabonac solar farm and the Town’s Solarize East Hampton campaign, which offers discounts to residents and local businesses on solar installations. Visit EnergizeEH.org for more information.

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