ImpactAlpha, November 22 — Navajo Nation, which spans more than 27,000 miles in northeastern Arizona, northwestern New Mexico and southwestern Utah, is home to over 330,000 Native Americans.
Flagstaff, AZ-based B-Corp. Navajo Power will work with Native-owned organizations to develop utility-scale energy projects, and says it will reinvest 80% of profits into new projects for Navajo communities.
Navajo Power aims to deliver over $3 billion of clean energy infrastructure assets by 2030 to power Navajo Nation households, where 15,000 families lack access to electricity.
“Tribal nations are on the frontlines of the clean energy transition, having suffered disproportionately by detrimental health, environmental and economic impacts,” said Navajo Power’s Brett Isaac. “This latest fundraising round will help us ensure that Native communities not only recover, but are the prioritized beneficiaries and stewards of the clean energy revolution.”
The financing round includes a $3 million program-related investment from W.K.Kellogg Foundation. “It was important for us to take on equity risk but structure this as flexible debt in order for Navajo Power to retain Native ownership of the company for the long-term,” said Kellogg’s Susie Lee.