Calvert Impact Capital Invests $2.9 Million in Sunwealth to Support Solar Access, Energy Savings and Green Jobs

Loan finances community-based solar for nonprofits, municipalities and businesses

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FOR IMMEDIATE RELEASE: May 18, 2021

Contact: Jess Brooks

(Cambridge, MA) May 18, 2021 –  Clean energy investment firm Sunwealth today announced a $2.9 million loan from Calvert Impact Capital to support Sunwealth’s solar access work. Sunwealth will use Calvert Impact Capital’s financing, together with $4.3 million in tax equity investment from private investors, to support 18 solar projects on the rooftops and parking lots of nonprofit organizations, multi-family apartment buildings, houses of worship and commercial office buildings in communities underserved by traditional renewable energy financing. These community-based solar projects will generate enough electricity to power over 300 homes annually, and will provide Sunwealth’s solar customers with $3.8 million in lifetime energy savings. Calvert Impact Capital’s loan will also help catalyze additional investment in Sunwealth’s innovative solar financing model.

Sunwealth brings critical capital to the commercial solar market – supporting solar projects ranging in size from 5 kilowatts to 1 megawatt on building rooftops and parking lots. The company partners with local solar developers and installers to design and construct these projects, which deliver solar access and long-term, meaningful energy savings to building owners and to low- and moderate-income households through community shared solar agreements. Sunwealth helps investors like Calvert Impact Capital put their money to work in these community-based projects, building portfolios that contribute to a more diverse and inclusive solar economy while delivering strong, stable and predictable financial returns.

Calvert Impact Capital’s loan supported projects across five states, including:

  • A 37-kilowatt installation on the rooftop of a multifamily apartment building owned by Fifth Avenue Committee (FAC), a nonprofit community development corporation in Brooklyn, NY. This system, installed by Solar Energy Systems, will allow FAC to provide building tenants with $240 in annual savings.

  • Two rooftop solar installations totaling 204 kilowatts for the YMCA of Greater Hartford. These systems, installed by Greenskies Renewable Energy, will provide the nonprofit organization with close to $400,000 in lifetime energy savings.

  • A 340-kilowatt system on the roof of Auburn High School, in Auburn, MA. Installed by ACE Solar, this system will provide the school district with $682,000 in lifetime energy savings.

“Investors are looking for proactive solutions to climate change and inequality, two of the most pressing challenges of our time,” said Kevin Fanfoni, Director of Investments at Calvert Impact Capital. “Sunwealth’s model offers both: reducing carbon emissions and delivering solar access and savings to underserved markets, while supporting green jobs and revenues for local small businesses. We’re proud to partner with them to build a more equitable and inclusive renewable energy future.”

“For over a generation, Calvert Impact Capital has helped make impact ‘investable,’” said Jon Abe, CEO of Sunwealth. “They’ve set the standard for investments that deliver social and environmental as well as financial returns – and made those returns accessible to all investors. They’re a key partner as we look to decarbonize, decentralize and democratize our clean energy economy.”

Calvert Impact Capital would also like to thank their pro-bono counsel Jonathan Wilcon and Fannie Law at Morgan, Lewis & Bockius LLP for their dedication and support on this transaction.

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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 $50 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.

About Calvert Impact Capital

Calvert Impact Capital invests to create a more equitable and sustainable world. Through their products and services, Calvert Impact Capital raises capital from individual and institutional investors to finance intermediaries and funds that are investing in communities left out of traditional capital markets. During its 25-year history, Calvert Impact Capital has mobilized over $2 billion of investor capital. Calvert Impact Capital also offers loan syndications, where they originate, structure, and administer loans for institutional and accredited lenders seeking environmental and social impact. To date, Calvert Impact Capital has syndicated and/or administered more than $300 million of capital for impact-oriented transactions. More at www.calvertimpactcapital.org.

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.

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Jess Brooks