Inclusive Prosperity Capital (IPC) is a mission-driven 501(c)(3) national clean energy financing platform that spun out of the Connecticut Green Bank in 2018 with a focus on aligning investment capital and financing programs with organizations, projects, and community initiatives that benefit traditionally underserved markets. The spin-out occurred in partnership with the State of Connecticut’s Department of Energy and Environmental Protection and philanthropic funders including The Kresge Foundation and Hewlett Foundation.
IPC’s accessible products deliver energy savings and reduced energy burdens for single and multifamily residential properties, nonprofit, commercial, municipal, institutional, small infrastructure, and other projects. IPC works at the intersection of clean energy finance, green banking, community development, and climate impact in partnership with green banks, CDFIs, and other lenders, governments, nonprofits, and developers to create and implement financing programs, de-risk other lenders, create new structures, own assets on their behalf, or collaborate on product, program and process design. IPC is purpose-built to scale up clean energy deployment in the very markets that need it most by combining mission-aligned and market-rate capital into a unique investment platform that balances market accessibility with risk-adjusted return hurdles. Since its inception, IPC has delivered over ~$30m in investment across the U.S. and territories, and currently has a combined total pipeline of over $100m, with about 25% of that anticipated to be deployed by EOY 2022 or in early 2023. Approximately 60% of IPC investments are directly in low- to moderate-income communities.
In 2019, The Kresge Foundation awarded IPC a catalytic $10 million guarantee. The guarantee accelerated the launch of IPC’s flagship investment fund while the grant allowed IPC to fund its startup operations and expansion outside Connecticut. In 2020, IPC closed a $25 million credit facility for clean energy investment in underserved markets in a transaction with the NY Green Bank, a division of The NY State Energy Research and Development Authority (NYSERDA). The transaction enabled IPC to deploy capital into underserved clean energy and energy efficiency markets across its entire portfolio of products. Later that year, IPC announced a national tax equity partnership with Greenprint Capital to expand its Solar PPA offering throughout the United States.
Between mid-2021 and mid-2022, IPC closed on over $15 million in additional program-related investments from the John D. and Catherine T. MacArthur Foundation, McKnight Foundation, The Kresge Foundation, Sierra Club Foundation, and Tides Foundation to support the deployment of clean energy upgrades in underserved markets. Additionally, in July 2022, Amalgamated Bank provided a $15 million loan to IPC for decarbonization and climate resilience initiatives. The closing of the Amalgamated Bank transaction completed the initial capitalization of IPC’s blended finance model.
