Inclusive Prosperity Capital, Inc. raises $13 Million from MacArthur, McKnight, and Kresge Foundations to support the deployment of clean energy upgrades in underserved markets
HARTFORD, Conn., May 06, 2022 (GLOBE NEWSWIRE) -- Inclusive Prosperity Capital, Inc. (IPC) has raised $13 million of program- related investments (PRI) from the John D. and Catherine T. MacArthur Foundation, McKnight Foundation, and The Kresge Foundation to support the capitalization and deployment of accessible clean energy upgrades across the nation. Created in 2018, IPC’s mission is to ensure everyone has access to the benefits of clean energy. IPC’s programs and products are designed to serve historically marginalized communities and other underserved markets – non-profits, faith-based institutions, small-to-medium commercial businesses, affordable multifamily housing, and credit-challenged and lower income homeowners.
The foundations have provided IPC with a combined $13 million in PRI – critically flexible and catalytic capital support. Investors like these are deeply aligned with IPC’s mission and have allowed IPC the opportunity to expand the depth and breadth of its investing platform. IPC intends to blend the PRI money with other private and public capital to create a unique investment platform for underserved markets.
John Balbach, Director of Impact Investments at MacArthur, said, “With its roots in green banking, its deep connections in community development, and its intentional focus on engagement with historically marginalized communities, IPC is demonstrating that the expansion of clean energy and energy efficiency solutions is inextricably intertwined with climate justice. These solutions must be accessible for all communities, and we are thrilled to provide IPC with $5 million in catalytic capital to advance this essential mission.”
Elizabeth McGeveran, Director of Investments at McKnight, said, “We are thrilled to build on our philanthropic support of Inclusive Prosperity Capital’s expansion to the Midwest with a $5 million program-related investment. We know that we can't win on climate unless we’re attentive to racial equity and justice and bring everyone along. With this investment, IPC and local partners will create more opportunities for underserved communities to reap the benefits of the clean economy.”
Joe Evans, Portfolio Director and Social Investment Officer of The Kresge Foundation, said, “Kresge has invested in IPC from the beginning because we believe in its unique mission. We’re excited to make this additional capital available to them in partnership with new investors.” Kresge provided a $3 million PRI.
Kerry O’Neill, CEO of Inclusive Prosperity Capital, said, “Foundation investors like these are at the core of our ability to deliver on our mission. Without low-cost PRI investment, we’re less likely to be able to provide a loan for an affordable multifamily building to install heat pumps and improve indoor air quality, or to help a community center or house of worship in an underserved community go solar and see significant savings on their bills, or to help low-income homeowners make green improvements that reduce their energy burdens. We are so grateful to Kresge, McKnight, and MacArthur, who have helped us streamline the capital raising process from this critically important sector. The need for catalytic capital is only growing, and it’s how we’ll ensure everyone has access to the benefits of clean energy.”
About Inclusive Prosperity Capital:
Inclusive Prosperity Capital, Inc. (“IPC”) is a not-for-profit investment platform scaling clean energy financing solutions that channel investment capital to program partners in communities that need it most. As a spin-out of the Connecticut Green Bank, IPC is focused on scaling its work and expanding its successful model nationwide by accessing mission-driven capital and partnerships. IPC operates at the intersection of community development, clean energy finance, and climate impact. We believe everyone should have access to the benefits of clean energy, helping to deliver Inclusive Prosperity. For more information about Inclusive Prosperity Capital, please visit inclusiveprosperitycapital.org
About The John D. and Catherine T. MacArthur Foundation:
The John D. and Catherine T. MacArthur Foundation supports creative people, effective institutions, and influential networks building a more just, verdant, and peaceful world. MacArthur is placing a few big bets that truly significant progress is possible on some of the world’s most pressing social challenges, including decreasing nuclear risk, promoting local justice reform in the U.S., and reducing corruption in Africa’s most populous country, Nigeria. In addition, the Foundation continues its historic commitments to the role of journalism in a responsive democracy as well as the vitality of our headquarters city, Chicago. MacArthur also is committed to building the field of impact investing and providing catalytic capital to address social and environmental challenges around the world.
About McKnight Foundation:
The McKnight Foundation, a Minnesota-based family foundation, advances a more just, creative, and abundant future where people and planet thrive. Established in 1953, the McKnight Foundation is deeply committed to advancing climate solutions in the Midwest; building an equitable and inclusive Minnesota; and supporting the arts in Minnesota, neuroscience, and international crop research. The McKnight Foundation has committed to achieving net zero greenhouse gas emissions across its $3 billion endowment by 2050 at the latest and over 40% of its $3 billion endowment has some mission alignment, with $500 million committed to decarbonizing the economy. Learn more at McKnight.org.
About The Kresge Foundation:
The Kresge Foundation was founded in 1924 to promote human progress. Today, Kresge fulfills that mission by building and strengthening pathways to opportunity for low-income people in America’s cities, seeking to dismantle structural and systemic barriers to equality and justice. Using a full array of grant, loan, and other investment tools, Kresge invests more than $160 million annually to foster economic and social change. For more information visit Kresge.org.
CONTACT: Media Contact: Nicholas Nedd T: 203.433.5060 E: Info@inclusiveteam.org