14. Needham Bank Invests $5 Million with Sunwealth to Support Community-Based Solar
This investment supports the development of a portfolio of community-based solar projects across the Northeast.
To start at the beginning of the series, read Banking on Solar.
Sunwealth is pleased to announce its partnership with Needham Bank which will invest $5 million, split between Tax Equity and Debt in a portfolio of Sunwealth community-based solar projects. Sunwealth will allocate Needham Bank’s investment to complete the construction of 16 commercial solar projects across the Northeast. This portfolio of community-based solar projects will provide Sunwealth’s solar customers with over $2.5 million in lifetime energy savings.
“Our mission statements are aligned in the sense that both companies are working together which in the end will promote job opportunities while improving and enhancing several communities by combating climate change,” said James Daley, SVP/Director of Structured Finance at Needham Bank. “Needham Bank is proud to partner with Sunwealth on the vital initiative to provide clean renewable power to the communities we both serve.”
Needham Bank’s Tax Equity and Debt investment projects across the New England Area that include:
A 719 kW Low Income Community Shared Solar system located at Totten Pond/City Point in Waltham, MA, in partnership with Boston Properties. The carport solar project will save Boston Properties and low-and moderate-income residents in the Greater Boston Area $700,000 over the project life.
A 186 kW portfolio of 12 multi-family housing buildings owned by Caritas Communities, a nonprofit affordable housing provider in Boston, MA. This portfolio, installed by Boston Solar, will save Caritas $145,000 over its life.
About Needham Bank
Needham Bank offers an array of tech-forward products and services that businesses and consumers use to manage their financial needs. We have the financial expertise typically found at much larger institutions and the local knowledge and commitment you can only find at a community bank. Known as the “Builder’s Bank,” Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892. For more information, please visit https://NeedhamBank.com. Needham Bank is a member of FDIC and DIF.
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 $75 million in more than 400 community-based solar projects nationwide; the company has delivered targeted returns to investors for 25 quarters with no defaults. In 2021, 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.
Learn more about how Sunwealth could put your money to work by reaching out to Darreck Mitchell, Director of Capital Markets at darreck@sunwealth.com.
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.