50. BankFive Partners with Sunwealth to Invest $2 Million in a Portfolio of Community commercial Solar Projects
One solar array from our 631 kW portfolio developed in partnership with Commercial Energy and Cal Solar at Paradise Valley Estates in Fairfield, CA.
Sunwealth is pleased to announce its partnership with BankFive, whose $2 million tax equity investment will support a portfolio of impactful community-based commercial solar projects across the Northeast and California. BankFive’s portfolio of nine projects will provide Sunwealth’s customers with over $3.1 million in lifetime energy savings and lease revenue.
“BankFive is committed to being responsible stewards of the environment, both in our physical locations and in the products we offer to our customers,” said BankFive President & CEO Anne P. Tangen. “We have installed solar panels on numerous branches, participate in the Mass Save program, which provides zero-interest HEAT loans for energy efficiency upgrades to our customers’ homes and businesses, and we offer commercial solar loans throughout our footprint to improve energy efficiency.”
“A partnership with Sunwealth results in both environmental and economic benefits for the community and the bank,” said Jennifer St. Pierre, BankFive’s Chief Financial Officer. “Whether we’re participating in the financing of green energy projects, investing in sustainable development at our branches, or implementing strategies to reduce the bank’s energy use, It’s smart business and beneficial to our customers and our communities.”
“BankFive has been a pillar in the southern MA and RI communities since inception and this investment directly aligns with their commitment to community development and sustainability,” said Darreck Mitchell, Vice President, Director of Capital Markets at Sunwealth. “The proof is in the outcome – the impactful projects and meaningful energy savings their capital has helped generate.”
BankFive’s investment will support various projects, including:
A 125 kW standalone meter rooftop solar project at Project Independence in New Bedford, MA. Established in 1982, Project Independence is a nonprofit organization that provides personalized nursing care for seniors and adults with disabilities. This project will save Project Independence $20,000 over its lifetime.
A 26 kW rooftop solar project located at the Apartments at 165 Winter St in Haverhill, MA, developed in partnership with Resonant Energy. 165 Winter St is a former school building developed into affordable housing by Sunwealth partner, the Planning Office for Urban Affairs. The development provides 12 units of rent-controlled housing to Section 8 income-eligible residents. Installation of this project will save residents of this development $42,000 over the lifetime of the project.
Two solar projects totaling 330 kW from a portfolio of 23 projects located at Paradise Valley Estates in Fairfield, CA. Founded in 1997, Paradise Valley Estates is a California nonprofit and public benefit corporation that provides housing facilities and related services to retired military officers and their spouses. The two projects alone will save Paradise Valley Estates $3 million over its lifetime, contributing to the estimated savings of $10 million generated by the entire portfolio over its lifetime.
About BankFive
Founded in 1855, BankFive was created to make banking services accessible to the community. With a steadfast commitment to provide local individuals, families and businesses with outstanding products and services, BankFive is a leading regional bank. BankFive customers regularly give us five-star reviews, attesting to our approachability and outstanding service. Visit one of our 18 convenient locations or visit www.bankfive.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 commercial solar plus 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 $194 million in more than 646 community-based solar projects nationwide; the company has delivered targeted returns to investors for 9 years with no defaults. For three consecutive years, Impact Assets named Sunwealth to its IA50, a leading list of impact fund managers; Environmental Finance awarded Sunwealth its 2023 Award for Innovation – Bond Structure (Social Bond) and named Sunwealth’s Solar Impact Fund its ESG Fixed Income Fund of the Year. Learn more at www.sunwealth.com.