Liberty Bank Commits Additional $2.5 Million to Community-Based Solar Projects
Liberty Bank’s investment helped make possible the 226 kW solar installation at The Taft School in Watertown, CT, pictured above.
David W. Glidden, President & CEO of Connecticut-based Liberty Bank, recently announced that the Bank has committed an additional $2.5 million tax equity investment into Sunwealth’s Solar Impact Fund, which directly supports community-based solar projects across the United States.
This latest investment will support solar projects placed in service in 2024 and 2025, building on Liberty’s prior commitments and bringing their total investment in Sunwealth to $7.5 million.
Sunwealth is an award-winning public benefit corporation that partners with local solar developers and installers to finance and build small-scale solar projects for nonprofits, small businesses, schools, community centers, and houses of worship. These projects deliver measurable impact by reducing carbon emissions, cutting energy costs, creating green jobs, and expanding access to clean energy—especially in low- and moderate-income (LMI) communities.
“At Liberty Bank, we know the criticalness of having an evolving strategy that includes investments in community-based solar projects in our footprint and across the country. Our latest two-year investment in Sunwealth’s Solar Impact Fund further underscores our commitment to a more sustainable, clean energy future,” said David W. Glidden, President & CEO of Liberty Bank.
“We are proud of our continued partnership with Sunwealth because it not only advances Liberty’s solar strategy, but it further deepens our ongoing commitment to providing both economic and societal benefits to the communities we serve,” said Paul Young, Liberty Bank Senior Executive Vice President & Chief Financial Officer.
“The Sunwealth Solar Impact Fund perfectly aligns with those objectives and demonstrates another strategic way Team Liberty is fulfilling our mission to improve the lives of our customers, teammates and communities for generations to come.” Young added.
“Being the oldest and largest mutual bank in the country, Liberty Bank is a pillar in the state of Connecticut,” said Darreck Mitchell, Vice President, Director of Capital Markets at Sunwealth. “Their ongoing support of investing in impactful projects in CT, and across the U.S. is a testament to their commitment to building equitable and sustainable communities.”
About Liberty Bank
Established in 1825, Liberty Bank is the oldest and largest independent mutual bank in the country. With nearly $8.0 billion in assets, Liberty has 56 banking offices across Connecticut and two 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, 2022 and 2023 Best-In-State Bank in Connecticut by Forbes Magazine. For more information on Liberty Bank, visit 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 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 $256 million in 766 community-based solar projects nationwide; the company has delivered targeted returns to investors for over 10 years with no defaults. For five 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.