Case Study

In 2020, Inclusive Prosperity Capital partnered with Mission Energy to make energy improvements possible for their customers utilizing the Solar Power Purchase Agreement. This is just one example of how Green Banks partnering together can make communities stronger, greener, and more resilient. Who is Mission Energy? Mission Energy provides turnkey solar and energy efficiency project development, funding, and implementation services for nonprofit organizations. Whether your interest is in reducing your energy costs or monetizing land or other real estate assets, Mission Energy does the hard work so you don’t have to. Why is IPC involved? IPC has partnered with Mission Energy to provide capital for their solar and energy efficiency projects. Mission Energy develops projects for nonprofits such as religious organizations, hospitals, schools, and other institutions. To date, IPC and Mission Energy have closed on 3 solar PPA projects with more underway. The Right Resources to Help Meet Your Goals Mission Energy provides trusted and proven project development, management and financing services that meet the unique needs of nonprofit organizations. Our team of dedicated experts, and a diverse and experienced Advisory Board, provides the critical resources that nonprofit organizations require to advance innovative energy projects that reduce financial risk and uncertainty.

In 2019, BlocPower approached Inclusive Prosperity Capital to provide no-cost customer financing for heat pump upgrades to small- and mid-sized properties in urban areas. IPC worked with BlocPower to assemble a financing structure that helped BlocPower catalyze its project development pipeline, scale deployment and, in 2020, attract interest and investment from Goldman Sachs’ prestigious Urban Investment Group. Who is BlocPower? BlocPower is a climate tech startup creating smarter, healthier, greener buildings for all by reducing the barriers to money-saving, quality-of-life-improving green building retrofits. BlocPower provides turnkey engineering, financing, and project implementation services for clients in front line communities across the country. Why is IPC involved? IPC structured a $5M energy efficiency creditfacility for BlocPower to launch its first financing product in their target market of owners with few financing options. These markets include nonprofits, multifamily properties, small and medium commercial properties. Creating Resilience & Equity Through Technology BlocPower’s innovative financing model increases access to heat pump technology for low-to-moderate income and environmental justice communities. Through an energy service agreement, a leaseon the equipment that includes operations and maintenance, BlocPower delivers an affordable solution for building electrification retrofits. Brooklyn-based Energy Technology Startup BlocPower was founded with a mission to leverage the forces of technology and finance to create clean energy projects and better living conditions for Americans living in inner cities. These communities are underserved by traditional energy services companies because they are considered too small, too costly, or too risky. Heat Pump Benefits Heat pumps use electricity, not combustion of fossil fuels, to comfortably and efficiently heat and coola space. They offer precise temperature control and filter the air they deliver to create healthy living environments in all climates.

Inclusive Prosperity Capital partnered with Fleet Development to fund the installation of solar on 3 properties serving 128 units of deeply affordable housing in rural Oregon. IPC used the Catalyst term loan, with some modifications, to make the project work with the properties’ existing USDA and HUD financing. This solution solved financing challenges and set a precedent that will enable similar projects in the future. This is just another example of how mission aligned organizations partnering together can make communities stronger, greener, and more resilient. Who is Fleet Development? Fleet Development connects affordable housing properties with clean energy through rooftop and community solar projects that create value for residents, owners, investors, and housing agencies. Fleet’s experienced executive team has significant expertise in development, management, and consulting in the affordable housing industry. Why is IPC involved? IPC used structured a term debt solution for solar projects on a portfolio of USDA-RD and HUD-supported affordable housing properties in Oregon, Californiaand other states. Fleet had developed a model to overcome regulatory barriers that have traditionally prohibited this project type but was unable to secure an appropriate financing partner until it found IPC. Creating Resilience & Equity Fleet develops rooftop and community solar projects for owners of subsidized multifamily housing. Fleet’s methodology enables no-cost entry to solar projects that: Bringing Renewable Energy to Affordable Housing Fleet Development’s experienced executive team has significant expertise in development, management, and consulting in the affordable housing industry. Fleet develops rooftop and community solar projects for owners of subsidized multifamily housing. Their approach has no upfront costs and is budget neutral.