Catalytic Capital | October 24, 2022

Kresge Foundation backs three community solar organizations with $7 million in program-related investments

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, October 24 — Troy, Mich.-based Kresge Foundation is aiming to catalyze investments for solar energy and storage in low-wealth communities and communities of color in the U.S. The foundation has made $7 million in program-related investments to a trio of community solar organizations.

Kresge provided $1.1 million to Washington, D.C.-based Urban Ingenuity’s Working Power Impact Fund to bring community solar to local environmental justice groups and affordable housing developments. San Francisco-based RE-volv received $1.5 million to bring solar storage to BIPOC houses of worship and community nonprofits. Calif.-based Collective Energy received $2 million to bring storage storage to local health centers.

RE-volv and Collective Energy will also receive $1 million in guarantees. Collective Energy’s Andrew MacCalla said the “infusion of low-cost capital will help solar+storage projects happen in low-income communities and communities of color that are disproportionately impacted by power outages.”

Climate justice

“We want to ensure that communities of color and disinvested communities have equitable access to public and private capital for climate and energy needs,” said Kresge’s Joe Evans. The foundation will prioritize clean energy organizations providing design, education and financing for critical community facilities.