DC Green Bank and Inclusive Prosperity Capital Announce New Financing Product for the District
WASHINGTON–(BUSINESS WIRE)–DC Green Bank is excited to announce the launch of a pre-development loan in DC to support customized design of sustainable improvements for commercial buildings, community-based nonprofit organization buildings, and multifamily or mixed-use properties. The product was developed by and will be offered in partnership with Inclusive Prosperity Capital, a mission-driven nonprofit investment fund specializing in clean energy, energy efficiency, and resiliency.
The pre-development loan, named Navigator, can be used to fund costs required to design high quality energy savings projects, including energy audits and benchmarking, design, engineering, bidding work, and other sustainable design costs. Navigator loans will range from $10,000 – $250,000 or more on a case-by-case basis and fill a critical gap in the District’s sustainable funding landscape, particularly for affordable housing development.
“Through our engagement with District residents, contractors, developers, property owners, engineers and beyond, we have identified pre-development loans as a crucial missing piece in the city’s clean energy puzzle,” said DC Green Bank CEO Eli Hopson. “We’re excited to be partnering with Inclusive Prosperity Capital to fill this financing gap and make sure that DC has investment offerings at each stage of the renewable energy and energy efficiency project lifecycle.”
The Navigator product provides an on-ramp for District building owners as they consider financing options to upgrade their energy systems, decrease their environmental footprint, save money, and meet DC’s emerging Building Energy Performance Standards (BEPS). With 75% of the District’s emissions emanating from the building sector, these standards are designed to help the city bring emissions down by 50% by 2032 and to achieve net-zero emissions by 2050. Navigator provides financial resources needed for building owners and operators, District contractors, and DC Green Bank to come together to think holistically about the evaluation and design phase of building projects.
“The Navigator loan allows building owners to access financing for early-stage audits, benchmarking, and design for clean energy projects, which can often be a challenge,” said Kerry O’Neill, CEO of Inclusive Prosperity Capital. “DC has a proven track record of leadership on climate and energy issues, and this collaboration with DC Green Bank has the potential to unlock millions of dollars to accelerate action and climate impact.”
The Navigator product is available now, and the DC Green Bank team is ready to initiate discussions to close the first round of deals. Additional information on the remainder of DC Green Bank’s loan and financing products can be found at https://dcgreenbank.com/products/.
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About DC Green Bank
DC Green Bank was established by the District’s Green Finance Authority Establishment Act of 2018. DC Green Bank develops innovative financial solutions to support District businesses, organizations, and residents in the journey to a cleaner future. DC Green Bank invests in solar energy systems, energy efficient buildings, green infrastructure, and transportation electrification in line with its values of Sustainability, Clean Economy, and Inclusive Prosperity.
About Inclusive Prosperity Capital (IPC)
Inclusive Prosperity Capital is a mission-drive nonprofit investment fund designed to deliver financing solutions to communities that need it most. IPC invests in clean energy and resilience in partnership with local initiatives and organizations to provide energy security, climate justice, and economic growth. Inclusive Prosperity Capital everyone should have access to the benefits of clean energy and resilience.
Contacts
Gary Decker
External Relations Partner
DC Green Bank
gdecker@dcgreenbank.com
202-301-8306
Madeline Priest
Senior Manager, Market Development
Inclusive Prosperity Capital
madeline.priest@inclusiveteam.org
860-257-2891