38. COMMUNITY BANK CHAMPION: LIBERTY BANK PARTNERS WITH SUNWEALTH
Sunwealth’s 137 kW project on top of the YMCA in Hartford, Connecticut.
Liberty Bank Partners with Sunwealth, Inc. to Invest $2.5 Million in
Tax Equity to Develop Community-Based Solar Projects
Bolsters Liberty’s Evolving Solar Strategy; Helps Bring Green Jobs & Clean Energy to Communities
(Middletown, CT) David W. Glidden, President & CEO of Middletown, Connecticut-based Liberty Bank, today announced the Bank has made a $2.5 million tax equity investment in a pool of funds dedicated to community-based solar projects across the United States.
Liberty Bank is partnering with Sunwealth, an award-winning clean energy investment firm and public benefit corporation that finances and manages solar projects. The projects, funded through Sunwealth’s Solar Impact Fund, will benefit diverse communities through clean power, carbon reduction, cost savings and job creation.
Sunwealth partners with solar developers and installers across the U.S. to finance and build small-scale solar projects benefiting non-profit organizations; office buildings and businesses; education centers and schools; and houses of worship. In addition, Liberty’s $2.5 million investment in the Solar Impact Fund will help bring green jobs and clean energy to communities, including many designated as low to moderate income (LMI).
“The solar industry has come a long way and it holds significant potential as a viable source of renewable energy and a catalyst in reducing adverse climate impact. That’s what makes our partnership with Sunwealth so vital and timely,” said Glidden. "An investment in renewable energy and solar power results in significant environmental benefits, reduced carbon footprint, consistent energy cost savings, job creation and a boost to local economies.”
Paul Young, Liberty Bank Sr. Executive Vice President & CFO stated, “We were looking for investment opportunities that provided both societal and environmental benefits. The Sunwealth fund perfectly aligns with those objectives and our investment will make a meaningful difference in communities for generations to come.”
“Our $2.5 million investment, coupled with other solar-related investments we make, propels our evolving solar strategy while underscoring our commitment to a more sustainable, clean energy future,” Glidden concluded.
“I am proud – and not surprised — to see Liberty Bank, a leader in my home state of Connecticut, take on a leadership role in bringing renewable energy to underserved markets,” said Jon Abe, CEO of Sunwealth. “We will put their investment to work immediately creating green jobs, clean energy and savings in our communities.”
About Liberty Bank
Established in 1825, Liberty Bank is the oldest and largest independent mutual bank in the country. With more than $7.4 billion in assets, Liberty has 56 banking offices across Connecticut and one in Massachusetts. As a full-service financial institution, Liberty offers consumer and commercial banking, cash management, home mortgages, business loans, insurance and investment services. Named ‘Top Workplace’ by the Hartford Courant every year since 2012 and designated a 2021 and 2022 Best-In-State Bank in Connecticut by Forbes Magazine, Liberty maintains a longstanding commitment to superior personal service and unparalleled community involvement. www.liberty-bank.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 $100 million in more than 500 community-based solar projects nationwide; the company has delivered targeted returns to investors for 31 quarters with no defaults. In 2021 and 2022, 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
Reach out to learn more about partnering with Sunwealth.
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.