Catalytic Capital | May 10, 2022

Inclusive Prosperity raises $13 million for energy upgrades for underserved communities

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, May 10 — Inclusive Prosperity Capital is looking to democratize access to clean energy by providing financing to local energy companies to install heat pumps and make other clean energy upgrades. The Hartford, Conn.-based nonprofit has raised $13 million in program-related investments.

“We can’t win on climate unless we’re attentive to racial equity and justice and bring everyone along,” said Elizabeth McGeveran of McKnight Foundation, which invested $5 million, as did MacArthur Foundation; Kresge Foundation invested $3 million.

With the investments, McGeveran said, Inclusive Prosperity and local partners “will create more opportunities for underserved communities to reap the benefits of the clean economy.”

Blended capital

Inclusive Prosperity will tap other private and public capital to finance clean energy upgrades for faith-based institutions, small commercial businesses, affordable housing property owners and low-income homeowners.

“The need for catalytic capital is only growing, and it’s how we’ll ensure everyone has access to the benefits of clean energy,” says Inclusive Prosperity’s Kerry O’Neill.