39. COMMUNITY BANK CHAMPION: Pittsfield cooperative bank partners with sunwealth
Sunwealth’s 89 kW rooftop solar project at Edwards Church in Framingham, Massachusetts.
Pittsfield Cooperative Bank Partners with Sunwealth, Inc. to Invest $2 Million
in a Portfolio of Community-Based Solar Projects
Sunwealth is pleased to announce its partnership with western MA-based community champion, Pittsfield Cooperative Bank. Their $2 million in tax equity capital will support a portfolio of Sunwealth community-based projects across the Northeast and California. This portfolio of community-based solar projects will provide Sunwealth’s solar customers with over $2 million in lifetime energy savings.
“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 J. Jay Anderson, President and CEO of the Pittsfield Cooperative Bank. “The Sunwealth fund perfectly aligns with our mission to support our communities and make a meaningful difference for generations to come.”
“We’re excited to partner with Jay and his team at Pittsfield Coop,” said Darreck Mitchell, Director of Capital Markets at Sunwealth. “Pittsfield’s flexibility and goal of supporting impactful community-based projects has been instrumental in creating local jobs and savings for diverse communities.”
Sunwealth will put Pittsfield’s capital to work through:
An 89 kW standalone rooftop community shared solar project located at Edwards Church in Framingham, MA. Edwards Church’s mission includes providing opportunities to respond in love to community challenges that include engaging in acts of compassion and social change across the Commonwealth. The congregation will receive a lease payment for hosting the project, which will be a low-income community shared solar project, and will deliver an estimated $120,000 in lease revenue over project’s lifetime. Energy generated will be allocated to a local nonprofit and two low-income households, providing them with a combined $204,000 in lifetime energy savings.
A 113 kW behind the meter rooftop solar project located at Dedham Country and Polo Club in Dedham, MA, developed in partnership with Boston Solar. A private club located in southeast Massachusetts, Dedham Country and Polo Club hosts both golf and polo tournaments to raise money for the preservation and protection of local recreation areas. This project will save the club $447,000 over the lifetime of the project.
A 247 kW behind the meter rooftop solar project located at Pacific EcoRisk in Fairfield, CA, developed in partnership with Solaris Energy. Pacific EcoRisk is an environmental consulting firm conducting research and testing in the fields of environmental toxicology, aquatic biology, and environmental chemistry. This project will save Pacific EcoRisk $700,000 over the lifetime of the project.
About Pittsfield Cooperative Bank
The Pittsfield Cooperative Bank, recognized by Banker & Tradesman as one of Massachusetts’ fastest growing commercial lenders, was established in 1889 and currently has four branches in the Berkshires. The only bank headquartered in Pittsfield at 70 South St. other locations include 110 Dalton Ave., Pittsfield, 431 Main St. in Dalton, and 325 Main St. in Great Barrington. Member FDIC. Member DIF. Equal Opportunity Lender.
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; and Environmental Finance named the Sunwealth Solar Impact Fund their 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.