43. The Cooperative Bank of Cape Cod Partners with Sunwealth, Inc. to Invest $2 Million in a Portfolio of Community-Based Solar Projects
Sunwealth’s 165 kW solar project on the roof of Enterprise Apartments in Waterbury, CT.
Sunwealth is pleased to announce its partnership with community champion, The Cooperative Bank of Cape Cod. Their $2 million tax equity investment will support a portfolio of community-based projects across the Northeast and California. The solar portfolio will provide Sunwealth’s customers with over $1 million in lifetime energy savings and lease revenue.
“The Coop is proud to support enterprises focused on clean, renewable energy solutions that empower communities to mitigate current and future impacts of global climate change,” said Lisa Oliver, Chair, President and CEO, The Cooperative Bank of Cape Cod. “Sunwealth and its purposeful investment strategy focused on providing diverse communities with access to clean power, carbon reduction and job creation builds equity for a better energy future.”
“The Coop has been serving residents and organizations on Cape Cod for over a century, and this investment aligns with their commitment to drive prosperity in their community,” said Darreck Mitchell, Vice President, Director of Capital Markets at Sunwealth. “We’re excited to forge this new partnership with The Coop and connect capital to impactful community-based investments in solar to combat climate change and inequality.”
The Coop’s investment will support a portfolio of solar projects, including:
A 107 kW rooftop solar project at Dedham Country and Polo Club’s maintenance building. This is the second project installed at this location in partnership with Boston Solar. Dedham Country and Polo Club is a private club located in southeast Massachusetts. The club hosts both golf and polo tournaments to raise money for the preservation and protection of local recreation areas. Both rooftop projects will save the club over $400k in lifetime energy savings.
A 165 kW rooftop solar project located at Enterprise Apartments in Waterbury, CT. Enterprise Apartments and Abbott Towers – a subsidiary of Winn Companies, the largest manager of affordable housing in the U.S. – is a 187-unit senior low-income housing apartment subsidized by HUD. This project will save Enterprise Apartments $87K over the lifetime of the project.
A 190 kW rooftop solar project located at Page Academy in Costa Mesa, CA, developed in partnership with Renewable Energy Partners, Inc. Founded in 1908, Page Academy is a private school that consistently ranks among the California’s best institutions. This project will save Page Academy $60k over the lifetime of the project.
About The Cooperative Bank of Cape Cod
The Cooperative Bank of Cape Cod is an independent mutual community bank with more than $1.3B in assets and 170 employees.
The Coop delivers a robust suite of digital and traditional banking products including mobile and online banking, person-to-person payments, business loans, mortgages, cash management, credit cards, merchant card transaction processing, payroll services and checking and savings accounts. The bank also offers dedicated staff and customized programs to support businesses of all sizes, a major driver of the regional economy, by offering products including construction loans, mortgage loans, lines of credit, term loans and time notes.
Through The Cooperative Bank of Cape Cod Charitable Foundation Trust, the bank is a prominent philanthropic partner with local nonprofits addressing needs and challenges of the community and named a 2021 Top 100 Charitable Organization by the Boston Business Journal.
Headquartered in Hyannis, The Coop also operates nine full-service branch locations throughout Cape Cod and a mortgage office in Provincetown. For additional information, please visit mycapecodbank.com or call 508-568-3400.
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 $140 million in more than 575 community-based solar projects nationwide; the company has delivered targeted returns to investors for 33 quarters with no defaults. For three consecutive years, Impact Assets named Sunwealth to its IA50, a leading list of impact fund managers; Environmental Finance named its Solar Impact Fund its 2022 Environmental Fund of the Year. Learn more at www.sunwealth.com
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Darreck Mitchell is Vice President, 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.