Financing Resilient Power in Under-Resourced Communities: A Foundation’s Comprehensive Financing Initiative for Solar+Storage Projects

Financing Resilient Power is a new, groundbreaking philanthropic effort—a $3.3 million initiative of The Kresge Foundation to accelerate the market development of solar PV plus battery storage (solar+storage) technologies in historically underserved communities. The Foundation’s financing initiative—developed with Clean Energy Group that will manage the effort—represents the first time a U.S. foundation has committed to use both its grantmaking and endowment resources in a comprehensive strategy to bring these new clean energy technologies to affordable housing and critical community facilities.

New York City Energy Efficiency Corporation (NYCEEC) is the lender selected to participate in the loan guarantee initiative. The new financing partnership consists of three key elements: a $3 million loan guarantee that provides borrowers and the participating lender a first-of-its-kind payment guarantee to help borrowers avoid default by keeping loan payments current, as well as capacity-building grants to the nonprofit participating lender, and technical assistance grants for eligible project owners and developers to assess the technical and financial feasibility of new solar+storage projects.

Read more about this initiative in a press release and fact sheet.

This webinar discussed the details of the financing initiative, the opportunity it offers to under-resourced communities, and technical assistance that is available to project developers.

Panelists:

• Jessica Boehland, Senior Program Officer with The Kresge Foundation’s Environment Program
• Curtis Probst, co-CEO of New York City Energy Efficiency Corporation (NYCEEC)
• Seth Mullendore, Vice President and Project Director, Clean Energy Group
• Robert Sanders, Senior Finance Director, Clean Energy Group (moderator)