Kresge Foundation Commitment to Advance Solar+Storage, Energy Efficiency (Ind. Report, Funding)
Clean Energy Group
The Kresge Foundation, the Montpelier, Vermont-based not-for-profit Clean Energy Group (CEG) and New York City Energy Efficiency Corporation (NYCEEC) are reporting a $3.3 million commitment to accelerate the market development of solar PV plus battery storage (solar+storage) technologies in historically under-served communities.
The multiyear financing program guaranteed by the Kresge Foundation includes:
A $3 million loan guarantee to reduce credit risk for solar+storage projects in low- and moderate-income areas. Structured as a 50 pct payment guarantee to help ensure borrowers' loan payments remain current, this innovative credit enhancement reduces the risk of a payment default to lenders and their investors who provided capital for solar+storage loans.
$170,000 in a capacity-building grant to accelerate the participating lender's ability to finance solar+storage projects, build project pipelines and actively engage in information sharing.
$120,000 in technical-assistance grants to enable eligible project owners and developers to assess the technical and financial feasibility of new solar+storage projects.
Clean Energy Group is a national, nonprofit advocacy organization working on innovative technology, finance, and policy programs in the areas of clean energy and climate change.
Established in 2010 as the nation's first local green bank, NYCEEC is a 501(c)(3) mission-driven lender focused exclusively on energy efficiency and clean energy in buildings.
(Source: Clean Energy Group, Vermont Business, 9 Jan., 2020)
Contact: NYCEC, Jessica Luk, Director of Development, www.nyceec.com;
Clean Energy Group, Robert Sanders, firstname.lastname@example.org, www.cleanenergygroup.org;
Kresge Foundation, www.kresge.org
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