More low-income and underserved communities in the US are taking a shine to solar, thanks to the Biden administration’s incentives and potential cost savings on residential utility bills. In the past decade, Cambridge, Mass.-based Sunwealth has built, financed and operated nearly 650 community-scale solar projects that have cut energy bills and brought clean energy and green jobs to US communities, many in low-income and underserved areas.
A $5 million debt facility from Hartford, Conn.-based nonprofit investor Inclusive Prosperity Capital will help Sunwealth finance 18 solar systems in nonprofit, faith-based and affordable housing projects. The systems are expected to generate $11.4 million energy savings, create more than 120 jobs, and offset more than 85,000 metric tons of carbon emissions over their operational lifetimes.
Green bank partnerships
Inclusive Prosperity’s John D’Agostino said he hopes the transaction will “set a precedent for future partnerships with mission-aligned developers like Sunwealth.” Inclusive and Sunwealth are also exploring ways to secure funding from the Greenhouse Gas Reduction Fund, or GGRF, which has a strong focus on underserved communities.
Inclusive is a partner of the Connecticut Green Bank, a member of the Coalition for Green Capital, one of the GGRF awardees.
Bankrupt solar pioneer
Not all is sunny in solar land. SunPower, a Richmond, Calif.-based residential solar and storage developer and operator, this week filed for Chapter 11 bankruptcy protection after job cuts and financial shortfalls in the past year. The US solar pioneer will sell some of its assets to California-based Complete Solaria. Complete Solaria’s CEO TJ Rodgers served as SunPower’s board chair from 2005-2011.
SunPower counts between $1 billion and $10 billion in assets and liabilities, according to the filing. The stalking-horse purchase agreement — a bid on a bankrupt company’s assets from a buyer chosen by the bankrupt company —might include Blue Raven Solar, for which SunPower paid $165 million in cash in 2021.
