ImpactAlpha, November 4 – The Philadelphia-based community development financial institution invested $3 million in Sunwealth to expand solar energy access in the U.S.
Sunwealth, based in Somerville, Mass., invests in small-scale commercial solar projects that have difficultly finding funding. Its projects are installed on office buildings, schools, and residential buildings and range in size from 5 kilowatts to 750 kilowatts. Many are based in underserved communities.
Since launching in 2015, Sunwealth has financed more than 70 solar projects.
The new loan from Reinvestment fund, along with $3 million in tax-equity investment from private investors—a type of energy investment structured around tax benefits and a project’s cash flow—will finance 2.5 megawatts of new solar energy capacity. That’s enough to generate power for more than 400 homes.
