Solar PV Archives - Inclusive Prosperity Capital

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

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 x Fleet Development

Case Study

Inclusive Prosperity Capital partnered with Fleet Development to fund the installation of solar on 3 properties serving 128 units of deeply affordable housing in rural Oregon. IPC used the Catalyst term loan, with some modifications, to make the project work with the properties’ existing USDA and HUD financing. This solution solved financing challenges and set a precedent that will enable similar projects in the future. This is just another example of how mission aligned organizations partnering together can make communities stronger, greener, and more resilient. Who is Fleet Development? Fleet Development connects affordable housing properties with clean energy through rooftop and community solar projects that create value for residents, owners, investors, and housing agencies. Fleet’s experienced executive team has significant expertise in development, management, and consulting in the affordable housing industry. Why is IPC involved? IPC used structured a term debt solution for solar projects on a portfolio of USDA-RD and HUD-supported affordable housing properties in Oregon, Californiaand other states. Fleet had developed a model to overcome regulatory barriers that have traditionally prohibited this project type but was unable to secure an appropriate financing partner until it found IPC. Creating Resilience & Equity Fleet develops rooftop and community solar projects for owners of subsidized multifamily housing. Fleet’s methodology enables no-cost entry to solar projects that: Bringing Renewable Energy to Affordable Housing Fleet Development’s experienced executive team has significant expertise in development, management, and consulting in the affordable housing industry. Fleet develops rooftop and community solar projects for owners of subsidized multifamily housing. Their approach has no upfront costs and is budget neutral.

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