RSF Social Finance has offered a $5 million debt mortgage to wash vitality funding agency Sunwealth. The financing will help a portfolio of 26 community-based photo voltaic tasks throughout 5 states. A couple of-third of the portfolio immediately advantages low- to moderate-income (LMI) communities.
Based mostly in Cambridge, Massachusetts, Sunwealth delivers significant vitality financial savings to clients and will increase entry to solar energy for households and organizations that in any other case could be left behind within the clear vitality transition. RSF’s mortgage additionally helps Sunwealth’s Photo voltaic Entry Program, which makes solar energy reasonably priced to LMI communities by eliminating upfront prices and permitting any constructing — whatever the proprietor’s revenue or credit score rating — to host a photo voltaic mission and obtain vitality financial savings.
The 26-project portfolio totals 3.1 MW of unpolluted vitality that may ship $5.8 million in lifetime vitality financial savings to Sunwealth clients and create greater than 100 lifetime job years for native photo voltaic builders and installers. Initiatives funded by way of RSF Social Finance’s funding embody:
- A gaggle of photo voltaic installations totaling 69 kW on the roofs of three homes of worship throughout the town of Boston as a part of the Photo voltaic Entry Program: Bethel AME Church, the Church of St. Augustine and St. Martin, and the Second Church in Dorchester. The tasks will ship a mixed $112,000 in lifetime vitality financial savings to the three church buildings.
- A set of photo voltaic tasks totaling 286 kW on the rooftops of Symmes Valley Elementary Faculty and Symmes Valley Excessive Faculty in Willow Wooden, Ohio, within the Appalachian area. Developed in partnership with Illinois-based TMI Power Options, the pair of installations will ship greater than $128,000 in lifetime vitality financial savings to the Symmes Valley Native Faculty District.
- A 247 kW rooftop photo voltaic mission situated at Pacific EcoRisk in Fairfield, California, developed in partnership with Solaris Power. Pacific EcoRisk is an environmental consulting agency conducting analysis and testing within the fields of environmental toxicology, aquatic biology and environmental chemistry. This mission will save Pacific EcoRisk $733,000 over the mission’s lifetime.
Sunwealth’s revolutionary photo voltaic financing mannequin brings vital capital to the community-based photo voltaic market, supporting photo voltaic tasks on rooftops, parking heaps, and different underutilized areas within the constructed atmosphere.
“Our partnership with RSF permits Sunwealth to stay catalytic with its group impression,” mentioned Omar Blayton, chief monetary officer of Sunwealth. “RSF continues to show its management by way of considerate and revolutionary investments. We sit up for collaborating with them for years to return.”
Initiatives vary in dimension from 5 kW to upwards of 5 MW. The corporate companions with native photo voltaic builders and installers to construct tasks that ship photo voltaic entry and long-term vitality financial savings to clients together with nonprofits, colleges, municipalities, small companies, reasonably priced housing authorities and LMI households.
“RSF desires to deal with local weather change in a approach that not solely protects probably the most weak communities but additionally provides them an actual share within the clear economic system,” mentioned Michael Jones, VP of lending enterprise improvement at RSF Social Finance. “Our funding in Sunwealth achieves that objective, financing a portfolio that prioritizes photo voltaic entry, financial savings, and inexperienced job creation whereas offering new liquidity for a social enterprise targeted on democratizing clear vitality.”
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