The Coalition for Green Capital (CGC) recently announced the formation of new strategic partnerships with clean energy lenders and investors including the Clean Energy Fund of Texas, Growth Opportunity Partners, Inc., the Community Development Venture Capital Alliance (CDVCA), Finance New Orleans, and the Hawaii Green Infrastructure Authority (HGIA). These new partners are ready to deliver on a pipeline of projects valued at $6B in public-private funding over the next several years.
The new partnerships build upon CGC’s nationwide coalition of over 40 green banks and other lenders focused on addressing the climate crisis by financing clean energy projects in local communities. CGC and the robust network of clean energy funders will soon seek funding from the Environmental Protection Agency’s Greenhouse Gas Reduction Fund to launch a national green bank.
These organizations carry strong local ties which will help the national green bank quickly reach all communities as we catalyze America’s transition to the clean power platform. Their expertise and focus on serving low- and moderate-income families are aligned with the national green bank’s commitments to redress environmental injustice and make investments that reduce greenhouse gas emissions.
Clean Energy Fund of Texas
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.
“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 & chairman 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.”
Growth Opportunity Partners, Inc.
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.
“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 and 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.”
Community Development Venture Capital Alliance (CDVCA)
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.
“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.”
Finance New Orleans
Finance New Orleans is a green finance agency with a vision of creating a resilient New Orleans for all. Since 1978, Finance New Orleans has invested more than $750 million into the local economy. Those efforts have been primarily focused on homeownership for low-to-moderate-income families and have resulted in more than 8,000 mortgage financings and the creation of affordable rental units for families in need. In 2017, Finance New Orleans also became the City’s green bank to drive more investment into sustainable infrastructure alongside needed green housing investments.
“This partnership will allow us to collaborate with green lenders across the country, share best practices and ultimately maximize the investment of the Greenhouse Gas Reduction Fund,” said Damon Burns, president and CEO of Finance New Orleans. “Our region has a rich history of resilience and innovation, and it’s exciting to see this nationwide commitment to clean energy for frontline communities. We are proud to be a part of this effort and look forward to the positive impact it will have on underrepresented communities in New Orleans and beyond.”
Hawaii Green Infrastructure Authority (HGIA)
The Hawaii Green Infrastructure Authority is a state authority in Hawaii, responsible for the development and financing of green infrastructure projects that reduce emissions and support underserved communities in the state. 100% of HGIA funding benefits underserved ratepayers defined as low and moderate-income homeowners, renters, small businesses (as defined by the U.S. Small Business Administration’s Size Standards), nonprofits, and multi-family rental projects.
“This new partnership with CGC and the national green bank is an opportunity to accelerate our transition to the clean power platform and make much-needed investments in frontline communities that have long faced the harshest consequences of the climate crisis,” said Gwen Yamamoto Lau, executive director of the HGIA. “The investment and support of this coalition will help drive the clean energy revolution, bringing us closer to a future powered by renewable sources and reducing our dependence on fossil fuels. We look forward to bringing accessible clean energy to lower the energy burden for our most vulnerable ratepayers.”