Inclusive Prosperity Capital is a mission-driven specialty finance organization that seeks to increase clean energy investment in underserved markets, including a particular focus on low- to moderate-income (LMI) communities. NYGB entered into a $25.0 million Facility to support IPC’s programmatic origination and execution in New York State. By providing expanded financing options to underserved market segments, NY Green Bank seeks to accelerate access to affordable, clean energy and to help advance New York State’s broader climate goals. LMI communities are expected to be the primary beneficiaries of this transaction in the form of broader access to clean energy and energy efficiency projects, with corresponding resiliency, affordability, improved health outcomes, and environmental benefits.
This transaction develops a scalable, replicable financing structure that capital providers can use to (i) underwrite portfolios of sustainable infrastructure projects with various underlying counterparties and (ii) develop a track record for impact-oriented institutional investment in clean energy. Given IPC’s mission, this transaction enables increased capital deployment for clean energy in LMI communities, underserved markets, and a wide range of customer types (e.g. commercial, industrial, municipal, non-profits, institutional, and single and multifamily residential properties). By providing liquidity to these underserved market segments, NYGB will expand access to affordable, clean energy, advancing the environmental justice initiatives outlined in the Climate Leadership and Community Protection Act.
