Solar Archives - Inclusive Prosperity Capital

Nate Hausman Joins Inclusive Prosperity Capital, Inc. as Solar for All Program Director

Hartford, CT (November 21st, 2024) – Inclusive Prosperity Capital, Inc. (IPC) is thrilled to announce Nate Hausman as the new Director of its Solar for All (SFA) Program. Hausman brings over a decade of experience in advancing resilient clean energy solutions and will oversee the IPC-led Community Power Coalition’s $249.3 million Solar for All award from the U.S. Environmental Protection Agency (EPA). In this role, he will work alongside the Community Power Coalition to bring community solar to low-income and disadvantaged communities across the United States. Hausman joins IPC from Green Mountain Power, where he carried out innovative clean energy programs, previously holding roles as Clean Energy Markets Manager at the World Resources Institute and Project Director at Clean Energy States Alliance. “I’m thrilled to join IPC’s ultra-talented team and to get to work managing and implementing IPC’s Solar for All funding award in partnership with the Community Power Coalition,” said Hausman. “I can’t think of a more timely, important, or impactful scope of work.” Kerry O’Neill, IPC’s Chief Executive Officer, added, “We’re thrilled to have Nate at the helm of our Solar for All Program. His leadership and expertise in promoting clean energy access for all will ensure we meet our ambitious goals of delivering impactful, accessible solar solutions and making a meaningful difference in the communities we serve.” The Solar for All program, part of EPA’s Greenhouse Gas Reduction Fund, represents the largest investment in solar for low-income and disadvantaged communities in the U.S. Offering a range of financing solutions and technical support for community solar development in these communities, IPC will lead a coalition of organizations with a shared mission of building wealth, creating green jobs, and increasing energy resilience for households nationwide. To learn more about the Community Power Coalition’s Solar for All program, please visit www.inclusiveprosperitycapital.org/sfa/ To learn more about the EPA’s Greenhouse Gas Reduction Fund, including Solar for All, please visit www.epa.gov/greenhouse-gas-reduction-fund — Inclusive Prosperity Capital, Inc. (IPC) is a non-profit 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, Senior Manager of Market Engagement, brian.liechti@inclusiveteam.org, 860-257-2177

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Inclusive Prosperity Capital Announces $5 Million Debt Facilities with Sunwealth to Finance Underserved, High-Impact Solar Developers and Projects

News & Events

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. — 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

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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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Montgomery County Green Bank and Inclusive Prosperity Capital partnership will support the completion of a combined 1.97 MW rooftop solar array at Seneca Village

News & Events

Montgomery County, MD (August 23, 2023) – A new partnership between the Montgomery County Green Bank and Inclusive Prosperity Capital (IPC) will support the completion of a combined 1.97 MW rooftop solar array at Seneca Village, a 58-building, 684-unit affordable housing apartment complex in Gaithersburg, MD. Upon completion in fall 2023, the project will be the largest rooftop solar project on multifamily affordable housing in Montgomery County. The project was catalyzed by a $5 million financing from the Montgomery County Green Bank as the lead lender, and participations from NYCEEC and Virginia Community Capital to install new energy-efficient roofs throughout the complex. Inclusive Prosperity Capital provided a subsequent $2.5 million loan to support the installation of the rooftop solar arrays. This marks the first transaction in which IPC and the Montgomery County Green Bank have partnered. “Leveraging innovative partnerships to establish flexible financing structures for clean energy initiatives is a fundamental component of the Montgomery County Green Bank’s mission,” says Montgomery County Green Bank’s CEO, Steve Morel. “We are excited to join forces with Inclusive Prosperity Capital to amplify funding for Montgomery County’s most significant solar venture at Seneca Village Apartments. We are enthusiastic about this initial endeavor and anticipate that it will be the first of numerous collaborative projects ahead.” “Inclusive Prosperity Capital is thrilled to partner with Montgomery County Green Bank in supporting the Seneca Village project, the largest integrated affordable housing and renewable energy project in the County,” said Kerry O’Neill, IPC’s CEO. “This initiative aligns perfectly with our mission to partner with green banks, developers, and lenders across the country focusing on underserved markets and communities that are too often left out of the benefits of the clean energy transition.” Kristine Musademba, Associate Manager of Clean Energy Transactions at IPC added, “We are proud to support the largest project of its kind in the County with this creative financing solution that can serve as a model for future clean energy projects on multifamily affordable housing. We look forward to continued collaboration with Montgomery County Green Bank and other like-minded partners in the months and years to come.” With the solar array and new energy efficient roof upgrades, Seneca Village Apartments is projected save 2,583,535 kWh in energy, generate more than $300,000 in annual savings, and mitigate 2,000 metric tons of carbon dioxide greenhouse gas emissions per year. About the Montgomery County Green Bank The Montgomery County Green Bank is an independent, 501(c)(3) nonprofit dedicated to helping businesses and residents affordably implement energy efficiency and clean energy solutions. The Montgomery County Green Bank supports Montgomery County, MD by driving investment into energy efficiency and clean energy through lending and investment partners in the region. These efforts include working with homeowners, renters, and commercial entities of all varieties. For more information, visit www.mcgreenbank.org. Media contact: Tyniah McDuffie, Director of Communications About Inclusive Prosperity Capital Inclusive Prosperity Capital, Inc. (“IPC”) is a not-for-profit clean energy investment fund scaling financing solutions for traditionally underserved markets and credits. IPC maintains a robust solar development, lending, and ownership platform focused on traditionally underserved markets including projects on municipal, nonprofit, faith-based, small-to-medium commercial business, affordable housing, rural cooperatives, and tribal land properties. We believe everyone should have access to the benefits of clean energy, helping to deliver Inclusive Prosperity. For more information about Inclusive Prosperity Capital, please visit https://www.inclusiveprosperitycapital.org.

Montgomery County Green Bank and Inclusive Prosperity Capital partnership will support the completion of a combined 1.97 MW rooftop solar array at Seneca Village Read More »

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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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

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