Solar 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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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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Smart-E Loan GGRF Solar for All Webinar

News & Events

Registration is open! Join us on July 25th to discover how Inclusive Prosperity Capital’s Smart-E Loan Program can bolster your GGRF Solar For All applications! Our CEO, Kerry O’Neill, and Madeline Priest, our National Director of the Smart-E Loan Program, will be sharing tools and strategies aimed at strengthening your applications. During this interactive webinar, you will: -Get a refresher on Smart-E. -Gain insights into our Smart-E national expansion efforts. -Learn how Smart-E can amplify your campaigns by leveraging Solar For All funds to drive more solar, storage, and enabling upgrades. By attending, you’ll walk away with: -Proven campaign strategies to enhance your Solar For All application. -A ready-to-use letter of support template. -An interest rate buydown tool. Register here: https://lnkd.in/ehmmMUhc Can’t make it to the live session? The webinar will be recorded for your convenience. Register now to secure your spot and receive access to the recording along with any follow-up materials. Learn more about Smart-E

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$2.5 million, 12+ year guarantee will expand IPC’s Smart-E Residential Green Lending Program

News & Events

CIGP Closes Multimillion Dollar Guarantee to Inclusive Prosperity Capital (“IPC”) to Expand Residential Green Lending to Low/Moderate-Income and BIPOC Homeowners The $2.5 million, 12+ year guarantee will expand IPC’s Smart-E Residential Green Lending Program January 23, 2023 – In late December 2022, Community Investment Guarantee Pool (“CIGP”) announced the issuance of a $2.5 million, 12+ year guarantee to expand Inclusive Prosperity Capital Inc.’s (“IPC”) Smart-E Residential Green Lending Program (“Smart-E Program” or “Program”) and to demonstrate that unsecured residential green lending to predominantly low/moderate-income and/or Black, Indigenous, People of Color (BIPOC) homeowners can be a successful business line for credit unions and other community lenders. CIGP’s guarantee will start at $1 million and expand to $2.5 million as the Smart-E program ramps up. IPC projects that CIGP’s guarantee will ultimately credit enhance nearly 2,000 Smart-E loans over the next four years, totaling about $24 million. The Smart-E Program creates greater access to the residential clean energy and energy efficiency marketplace for community-based lenders, local contractors, and low- and moderate-income (LMI) homeowners through a comprehensive program that includes:• Loan product and process standardization• Online project management tool (called NGEN)• Contractor screening and oversight. “We are thrilled to be able to leverage CIGP’s guarantee to bring our Smart-E Program to more communities of color and low and moderate-income homeowners,” said Kerry O’Neill, IPC’s CEO. “CIGP’s support has allowed us to launch our Smart-E national expansion and reflects IPC’s belief that everyone should have access to the benefits of clean energy and resilience, especially those who have been most impacted by climate change and historically have not been well served by traditional lending.” “Partnering with IPC and community development credit unions to enable low-income and BIPOC homeowners to make green upgrades demonstrates the catalytic value of CIGP’s guarantees for climate equity,” said Jim Baek, CIGP’s Executive Director. He added, “As investments in sustainability accelerate with the enactment of new federal programs, we’re hopeful that initiatives like Smart-E provide the road map and market insights needed to facilitate a just green transition.” “Inclusiv is proud to connect high-impact credit union lenders with the Smart-E program that will dramatically expand clean energy and energy efficiency lending to low- and moderate-income people and households,” said Cathie Mahon, President/CEO, Inclusiv. The model for the Smart-E Program operates in three states (Connecticut, Michigan, and Colorado) with 18 active lenders participating. Approved contractors offer 40 different green upgrades, including solar, energy efficiency, HVAC, and more. To date, $500 million in these unsecured loans have been originated, helping over 35,000 homeowners, 45% of whom are LMI. IPC is now partnering with Inclusiv, the largest membership organization for Community Development Credit Unions (CDCU), and the University of New Hampshire (UNH), as a data and training resource, to expand the Smart-E platform nationally. This expansion is starting in New Mexico, Arizona, and Texas where Inclusiv has 40 CDCU members and another 55 credit unions that are part of its Center for Resiliency and Clean Energy network. These 95 credit unions serve 5.6 million members in the three states with the CDCUs primarily serving LMI and/or BIPOC communities. Nationally, Inclusiv’s network of credit unions serves over 18 million members in various LMI urban, rural, and reservation-based communities and represents over $261 billion of community-controlled assets. The Smart-E Loans are unsecured, and CIGP will only backstop loans to borrowers with FICO credit scores below 720. If successful, CIGP’s guarantee will demonstrate the degree to which unsecured consumer green lending can be made to a broader set of homeowners beyond the current market focus on higher income borrowers. While green lending in the US is still primarily focused on upper- and upper-middle-income, largely white, borrowers, IPC’s national expansion of the Smart-E Program, starting in the Southwest, is designed to “democratize” access to green loans; at least 50% of CIGP backed Smart-E loans are expected to be to LMI and BIPOC households. In addition to yielding climate benefits from the reduced use of fossil fuels, successful Smart-E installations will lower energy bills, increasing housing stability and property values for homeowners. About CIGP The Community Investment Guarantee Pool (CIGP) is a financing tool launched in December 2019 by impact investing organizations to create a pooled commitment of financial guarantees for intermediaries in affordable housing, small business and climate finance. CIGP accelerates community investments by more fully leveraging philanthropic balance sheets for mission. The initial guarantors that helped make CIGP possible are The Kresge Foundation, The Annie E. Casey Foundation, The California Endowment, Chan Zuckerberg Initiative, Common Spirit Health, Gary Community Investments, Jessie Ball duPont Fund, Phillips Foundation, Seattle Foundation, Virginia Community Capital, and Weingart Foundation. Since launch, the Robert Wood Johnson Foundation, Arnold Ventures, Winthrop Rockefeller Foundation, the California Wellness Foundation and the Sierra Club Foundation have also joined as guarantors. Learn more about CIGP by watching this short video produced by The Kresge Foundation. About LOCUS Impact Investing LOCUS serves as program manager for the Community Investment Guarantee Pool. LOCUS is a national non-profit consulting organization and registered investment advisor that works with foundations and mission-driven investors wherever they are on their local impact investing journey to help them create lasting, meaningful change in their communities. LOCUS partners with mission-driven institutions to unlock more of their assets and deploy dollars to catalyze equitable economic development and make community-informed investments guided by innovative, effective and equitable practices. LOCUS is a wholly owned subsidiary of the non-profit, VCC Social Enterprises. For more information about LOCUS visit: https://locusimpactinvesting.org/. About Inclusive Prosperity Capital (IPC)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 and expanding its successful model nationwide by accessing mission-driven capital and partnerships. IPC operates at the intersection of community development, clean energy finance, and climate impact. Link to article

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