30. Community Bank Champions: Coastal Heritage and North Easton Savings Bank
COASTAL HERITAGE AND NORTH EASTON SAVINGS BANK PARTNER WITH SUNWEALTH AND INVEST $2 MILLION TO SUPPORT THE DEVELOPMENT OF A PORTFOLIO OF COMMUNITY-BASED SOLAR PROJECTS ACROSS THE NORTHEAST AND ARIZONA.
Sunwealth's 718kW installation on the rooftop of The Kingsbury Club located in Kingston, MA
Sunwealth is pleased to announce its first Tax Equity syndicate partnership with two more community bank champions, Coastal Heritage and North Easton Savings Bank. Their combined $2 million Tax Equity investment will support the construction of six community-based solar projects across the Northeast and Arizona. This portfolio will provide Sunwealth’s solar power customers with over $880k in lifetime energy savings.
“Coastal Heritage Bank has been a strong advocate of renewable energy for over a decade,” said Robert Terravecchia, President and CEO of Coastal Heritage Bank. “We are proud to partner with Sunwealth to help them in their mission to democratize solar energy to all Americans.”
“Our mission as a bank is to invest in our neighbors and local community. When the opportunity arose to partner with Sunwealth, it was an easy decision as these solar projects create jobs, provide access to clean energy, and lower our collective carbon footprint,” stated Rich Spencer, President and CEO of North Easton Savings Bank. He continued, “Investing in clean energy is just another way for us to do our part in providing a bright, environmentally friendly future for everyone.”
Sunwealth will put Coastal Heritage and North Easton’s capital to work through:
Sunwealth’s largest rooftop project to date, a 718kW standalone rooftop project located at the Kingsbury Club in Kingston, MA, developed in partnership with NRGTree. Kingsbury Club’s mission is to help families lead an active, healthy lifestyle. Their facilities include tennis courts, an aquatics center, a childcare center, a fitness center, a restaurant, and a spa.
A 92kW rooftop project on nonprofit Habitat for Humanity of Burlington and Mercer Counties (HFHBMC) located in Maple Shade, NJ. HFHBMC seeks to provide affordable mortgages to New Jersey low-income residents with little down payment to promote homeownership. Among the programs offered to potential HFHBMC homeowners is the Almost Home Program, which provides valuable financial education that prepares participants for homeownership. This project will save HFHBMC $120k over the project’s life.
A 131kW rooftop project on the Jewish Federation of Southern New Jersey (JFED), a nonprofit that promotes and enriches Jewish culture, heritage, values, and lives by providing outstanding educational and wellness programs to the community. This project, installed by EcoSave, will save JFED $287k over the life of the project.
About Coastal Heritage Bank
Coastal Heritage Bank has served the South Shore of Massachusetts for over 100 years. We are a thriving community bank with a rich history, dedicated staff and committed leadership focused on fostering an exceptional banking relationship with you—while maintaining our core dedication to the communities we serve. We are dedicated to delivering the highest levels of service, support and product excellence, and are financially strong to meet your needs.
About North Easton Savings Bank
Rated as the top bank in Massachusetts by Forbes, with over $1.3 billion in assets, North Easton Savings Bank is uniquely situated to provide personal and business banking and lending solutions to southeastern Massachusetts. Founded in 1864, North Easton Savings Bank has a proven track record of growing the community through fair banking practices, financial advising, and local philanthropy. Looking forward, the Bank is well-positioned as the preferred area banking partner with a powerful combination of convenient features like mobile and online banking and the personal, hometown touch of a local bank. North Easton Savings Bank is fully insured by the FDIC and the DIF and is an Equal Housing Lender. For more information, please visit NorthEastonSavingsBank.com.
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 $90 million in more than 500 community-based solar projects nationwide; the company has delivered targeted returns to investors for 29 quarters with no defaults. In 2021 and 2022, 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.