“With Our New Partners, We Anticipate an Initial Pipeline of Projects With a Total Valuation of More Than $2B in Public-Private Dollars Over the Next Several Years”
New Partnerships Will Strengthen the National Green Bank’s Ability to Catalyze America’s Transition to the Clean Power Platform
Washington, DC— The Coalition for Green Capital (CGC) today announced the formation of new strategic partnerships with clean energy lenders and investors including the Clean Energy Fund of Texas, Growth Opportunity Partners, Inc., and the Community Development Venture Capital Alliance (CDVCA). The announcement comes as CGC prepares to seek funding from the Environmental Protection Agency’s Greenhouse Gas Reduction Fund to launch a national green bank.
The new partnerships build upon CGC’s nationwide coalition of over 30 green banks and other lenders focused on addressing the climate crisis by financing clean energy projects in local communities.
“As the first green bank in the state of Texas, we’re excited to partner with CGC to bring much-needed clean energy investments to the Lone Star State,” said Stephen K. Brown II, founder & board officer of the Clean Energy Fund of Texas. “With the creation of a national green bank, we, along with other green banks, CDFIs and community lenders will be positioned to deliver the most significant clean energy investments of our lifetimes. We’re excited for what is to come and look forward to the work to abate carbon emissions impacting our frontline communities and eradicate energy poverty in Texas.”
“We’re thrilled to partner with CGC and to support the launch of a national green bank,” said Michael Jeans, president & CEO of Growth Opportunity Partners, Inc. “Growth Opps has a strong record collaborating with banks, governments, municipalities, philanthropy, and the private sector to fill the gaps where capital markets have failed underserved/disadvantaged persons and communities. Having launched the GO Green Energy Fund in collaboration with CGC, we are confident in the vision and opportunities to come with the creation of a national green bank and the backing of our robust coalition.”
“We welcome the opportunity to partner with CGC and join the broad network of green lenders and investors to deliver much-needed capital to communities most impacted by the climate crisis,” said Kerwin Tesdell, president of CDVCA. “Having worked at the forefront of impact investing in low-income communities for over 25 years, we look forward to contributing to the collective success of the national green bank. It is vital that businesses in underinvested low-income and rural communities, as well as entrepreneurs of color, be able to participate fully in the economic transformation our nation must undertake to a greener and more carbon neutral economy.”
“With our new partners, we anticipate an initial pipeline of projects with a total valuation of more than $2B in public-private dollars over the next several years,” said Eli Hopson, executive director and COO of CGC. “Growth Opps, the Clean Energy Fund of Texas and the CDVCA are connected to local communities and financial institutions. These local ties will help the national green bank move quickly to reach every community, especially underserved communities, as we catalyze America’s transition to the clean power platform in an equitable way, create good jobs and redress environmental injustice.”
The recently launched Clean Energy Fund of Texas is the first green bank in Texas. The fund aims to reduce greenhouse gases and address climate equity by financing energy efficiency, weatherization & water conservation.
Cleveland-based Growth Opps, offers community development capital, services and solutions to growing small businesses, municipalities, and community organizations primarily located in underserved, low and moderate-income communities. GO Advisory accesses industry expertise and diverse talent to provide the solutions needed to address challenges companies face. GO Capital is tailored to capitalize the business model when it is ready. Growth Opps established GO Green Energy Fund using a green bank model, which deploys mission-driven capital to support small to large-scale commercial, community, and industrial sustainable energy project development.
The CDVCA is the network for community development venture capital investing. CDVC funds provide equity capital to businesses in underinvested markets, seeking market-rate financial returns, as well as the creation of good jobs, wealth, and entrepreneurial capacity.
ABOUT COALITION FOR GREEN CAPITAL
The Coalition for Green Capital (@CGreenCapital) is a non-profit with a mission to halt climate change by accelerating investment in clean energy technologies and by advocating for, creating and implementing green bank institutions. Green banks are a proven finance model that uses public and philanthropic funds to mobilize private investment in renewable energy, energy efficiency and other decarbonization technologies. For over a decade, the Coalition for Green Capital has led the Green Bank movement, working at the federal, state and local level in the U.S. and in countries around the world. For more information, visit: https://coalitionforgreencapital.com/.