55. Needham Bank (NBBK) Partners with Sunwealth, Inc. to Invest $3 Million in a Portfolio of Community Commercial Solar Projects
Sunwealth’s 445 kW low-income community solar project at Czajkowski Farm in Hadley, MA.
Sunwealth is pleased to announce its third partnership with Needham Bank, whose $3 million tax equity investment will support a portfolio of impactful community-based commercial solar projects across the Northeast. Needham Bank’s portfolio of nine projects will provide Sunwealth’s customers with over $2.1 million in energy savings for the lifetime of the portfolio.
“Needham Bank is proud to partner with Sunwealth again, supporting important sustainable initiatives that will deliver significant long-term benefits,” said Blake Bamford, Senior Vice President, Structured Finance Relationship Manager. “This collaboration underscores our shared commitment to the clean energy sector and improving the well-being of our communities.”
“We’re truly thankful for our long standing partnership with Needham Bank”, said Darreck Mitchell, Vice President, Director of Capital Markets at Sunwealth. “Needham Bank and Sunwealth have built something good together over the years and will continue building impactful solar projects for years to come.”
Needham’s investment will support various projects, including:
Czajkowski Farm in Hadley, MA
Project Type: 445 kW Low-Income Community Solar
Description: A third-generation produce farm committed to promoting responsible farming practices, Czajkowski Farm sells produce to local schools and businesses in the Central Massachusetts region. This is also Sunwealth’s first agrivoltaics project, utilizing a single parcel of land for both growing crops and generating solar power.
Impact: Provides Czajkowski Farm and LICSS subscribers with over $1.2 million in savings over the project’s lifetime.
Maple on Franklin in Halbrook, MA
Project Type: 107 kW Rooftop Solar
Description: Developed in partnership with Resonant Energy, this affordable senior living facility is owned by NeighborWorks Housing Solutions. Maple on Franklin offers seniors with a much-needed opportunity to enjoy comfortable and affordable housing.
Impact: Saves NeighborWorks Housing Solutions over $100,000 through the project’s lifetime.
Orient Heights in East Boston, MA
Project Type: 167 kW Behind-the-Meter Rooftop Solar
Description: This project is part of the Orient Heights development, an affordable housing initiative with 120 newly constructed units, completed in 2017.
Impact: Provides Orient Heights with over $170,000 in savings over the project’s lifetime.
About NB Bancorp, Inc. and Needham Bank
NB Bancorp is the registered bank holding company of Needham Bank. Needham Bank is headquartered in Needham, Massachusetts, which is approximately 17 miles southwest of Boston’s financial district. Known as the “Builder’s Bank,” Needham Bank has been helping individuals, businesses and non-profits build for their futures since 1892. 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. 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 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 $201 million in 659 community-based solar projects nationwide; the company has delivered targeted returns to investors for over 9 years with no defaults. For four 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.