57. Highlights from the Mass Bankers 2024 Renewable Energy Summit

 

In this installment of our Banking on Solar series, we recap the key topics covered at the Massachusetts Bankers Association’s 2024 Virtual Renewable Energy Summit. To access the full recording, please use the passcode: Kg=JS$91.

The Massachusetts Bankers Association Renewable Energy Summit

The Annual Renewable Energy Summit provides Massachusetts Bankers Association (MBA) members with a vital platform to explore the latest trends in renewable energy lending. This year’s event offered a comprehensive outlook on key solar considerations for 2025, particularly as we transition to a new political administration.

Key Takeaways from the Summit 

At this year’s virtual event, we heard from several companies focused on renewable energy, each presenting innovative ways to build a more sustainable and equitable future. Sunwealth had the honor of sponsoring the webinar and presenting on the following topics:

  • Katie Moffit, Project Development and Head of Policy Committee, Sunwealth:

    Katie provided a post-election solar industry outlook, emphasizing that the fundamentals supporting solar development across the country will remain intact. “On a high level we expect some changes, the 30% ITC and PTC are deemed to be safe and low risk. Solar remains indominable and an investment in our future” Katie stated.

  • Jon Abe, Founder and CEO, Sunwealth:

    Jon addressed the increasing demand for clean energy in New England and across the country, driven by the electrification of transportation and homes, alongside the rapid expansion of AI and data centers. “In order for New England to meet our electricity needs over the next 10 years, 7,000 MW of new solar need to be built, including 4,000 MW from Distributed Generation (DG) systems paired with energy storage. This represents a $20+ billion local investment opportunity in clean energy,” said Jon.

    Jon also provided a preview of the Massachusetts SMART 3.0 program, poised to catalyze an additional 3,200 MW of solar capacity in Massachusetts alone. The SMART 3.0 program places a strong emphasis on incentivizing projects within the built environment.

  • Commercial Solar Investment & Lending Opportunities for Banks and Corporates with Sunwealth:

    Sunwealth continues to prioritize financing small-scale solar projects across the United States. To achieve this, we partner with commercial banks through tax equity and lending partnerships. These partnerships advance our mission to democratize the benefits of clean energy. Looking ahead to 2025, strengthened by a recent conditional commitment for a Loan of up to $289.7 million from the U.S. Department of Energy’s Loan Programs Office, we have a robust pipeline of projects and are actively seeking new partners who are ready to:

    • Capitalize on solar tax credits: Leverage credits, depreciation benefits, and steady cash flows for at least an 18% - 20% after-tax IRR through our tried and tested low risk tax equity partnership flip structure.

    • Meet sustainability goals and receive CRA credits: 57% of Sunwealth’s portfolio contributes to low-to-moderate income communities.

    • Diversify your lending portfolio: Add an additional revenue stream by financing a pool of impactful solar projects with permanent debt.

    • Drive meaningful change: Tax Equity Capital is the primary driver for our projects—invest your capital in a diversified portfolio that delivers measurable impact and sustainable growth. 

If you’re interested in exploring this opportunity, we’d love to connect. To schedule a meeting with me, please send an email to darreck@sunwealth.com or use this link: Select a Date & Time - Calendly

Additional Highlights from This Year’s Renewable Energy Summit:

  •  Wendy Lee O’Malley, MassDevelopment:

    Wendy discussed the Commercial PACE Financing program offered by the MassDevelopment Financing Agency. This program provides private capital for property energy improvements via bonds, loans, and tax credits, enabling property owners to enhance cash flow while reducing credit risk.

  • Kelsey Read and Laurel Clark, Massachusetts Clean Energy Center (MassCEC):

    The duo shared insights on the “Solar For All” initiative, a $156 million program aimed at expanding solar access for low-income households including education, workforce development, and technical assistance.

  • Massachusetts Community Climate Bank (MSSB) and Mass Save:

    Representatives from MCCB and Mass Save highlighted their efforts to provide affordable alternatives for energy efficiency, underscoring the importance of diverse programs in achieving climate goals.

Please visit the MBA website for more information about the Mass Bankers Association.

 
 

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 $209 million in 716 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.

 
Jon Abe