22. Community Bank Champion
CAPE COD FIVE PARTNERS WITH SUNWEALTH AND INVESTS $2.5 MILLION TO SUPPORT THE DEVELOPMENT OF A PORTFOLIO OF COMMUNITY-BASED SOLAR PROJECTS ACROSS THE NORTHEAST
Sunwealth's 69kW installation on the rooftop of Boston Properties "The Hub" on Causeway Street in Boston.
Sunwealth is pleased to announce its partnership with another community champion in the solar market, Cape Cod 5 Bank. CC5’s $2.5 million in Tax Equity capital will support a portfolio of Sunwealth community-based solar projects. Sunwealth will allocate the banks investment to complete the construction of 48 commercial solar projects across the Northeast. This portfolio of community-based solar projects will provide Sunwealth’s solar customers with over $2.3 million in lifetime energy savings.
“Environmental stewardship has long been a strategic priority of Cape Cod 5”, said Dorothy Savarese, Chair and CEO. “Cape Cod 5's partnership with Sunwealth has created an additional channel by which the Bank can support renewable energy and further advance its green initiative.”
Sunwealth will put Cape Cod Five’s Tax Equity capital to work through:
A partnership with Boston Properties, a 69kW rooftop project deemed the second highest solar project in Boston located on top of Hub Hall on Causeway Street in Boston, MA. The project will save Boston Properties $64,000 over the project life.
A 146kW portfolio of 16 projects owned by Centerboard Inc., a nonprofit human services organization that supports families through housing, access to employment, and educational empowerment with locations in Lynn, Melrose, and Salem. This portfolio, installed by Boston Solar, will save Centerboard $200,000 over its life.
24 projects from our 1MW installation across 40 NYC Housing Authority (NYCHA) buildings in Brooklyn, Manhattan, and Queensbridge NY. Read more about the impact of these projects HERE.
About Cape Cod Five Bank
Founded in 1855, Cape Cod 5 is a community bank with $4.7 billion in assets. Cape Cod 5 offers a broad range of financial products and services to customers living and working on Cape Cod, Martha’s Vineyard and Nantucket and in Southeastern Massachusetts communities. Products and services include consumer and commercial banking products; residential mortgages; investment management and trust services. Member FDIC. Equal Housing Lender. NMLS #401717.
About Sunwealth
Sunwealth is a clean energy investment firm working to change who has access to renewable energy by changing the way we invest in it. Combining deep experience in solar development and finance with roots in community and impact investing, Sunwealth invests in diverse commercial solar projects delivering clean energy and energy savings to communities while providing strong financial returns to investors and community partners. Since 2014, the company has invested over $75 million in more than 400 community-based solar projects nationwide; the company has delivered targeted returns to investors for 27 quarters with no defaults. In 2021, Impact Assets named Sunwealth to its IA50, a leading list of impact fund managers. Learn more at www.sunwealth.com.
Under no circumstances is the information contained herein to be considered an offer to sell or a solicitation of an offer to buy any financial product. Investments are offered only via definitive transaction documents and any potential investor should read such documents carefully, including all the risk factors relating to the investment, before investing.
Darreck Mitchell is Director of Capital Markets at Sunwealth. He has over a decade of experience in financial services, sales management, and asset management distribution. When he’s not helping investors put their money to work, he can be found spending time with his wife and two young daughters.