Reinvestment Fund has $12.5 million to back clean-energy projects - Technical.ly Philly

Business

Apr. 19, 2018 12:06 pm

Reinvestment Fund has $12.5 million to back clean-energy projects

The Philly-based social enterprise fund is looking to deploy loans of up to $3 million to cleantech companies.

Solar panels soaking up the sun.

(Photo by Flickr user zak zak, used under a Creative Commons License)

Companies working on clean energy tech or renewable energy projects can now tap into a $12.5 million fund from Philly-based Reinvestment Fund, the social enterprise lending entity with offices in Baltimore and Atlanta.

Out of the new fund, the nonprofit is looking offer financing to small and mid-sized projects looking to focus on energy efficiency, renewable energy and other clean energy technologies that “otherwise have limited access to traditional capital markets,” the company said Thursday.

The first capital in the fund comes by way of a MetLife subsidiary, which pumped $10 million into the fund. The remaining portion was kicked in by Reinvestment Fund. The loans of up to $3 million should be repaid in 15 years, and mainly look to make capital available to energy-retrofit projects backed by Energy Savings Agreements, contracts under which a provider retrofits, at their own expense, a customer’s property with clean energy technology and then manages its energy usage.

“For well over two decades, we have been committed to using our resources to support projects that benefit struggling communities and are sustainable for the environment,” said Don Hinkle-Brown, president and CEO of Reinvestment Fund. “This new fund allows us to channel affordable, longer-term capital to small and mid-sized energy retrofit projects nationwide that will generate valuable energy savings year after year as well as improve health and environmental conditions in the communities we serve.”

The Fund has already doled out the first loan to Chicago-based Affordable Community Energy Services Company so it may deploy energy efficiency and water conservation technology in 90 low-income housing buildings in California.

Companies: Reinvestment Fund
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Why this Radnor-based VC firm thinks impact investing is on the rise

It’s always sunny in Philly, so go get some solar panels

How Macquarie blends tech-fueled financial services with global opportunity

SPONSORED

Philly

Why this dev planted roots at The Philadelphia Inquirer after starting her career abroad

Chesterbrook, PA

Deacom

Senior Software Developer

Apply Now
Philadelphia, PA

PromptWorks

Senior React Native Engineer

Apply Now
Philadelphia, PA

PromptWorks

Software Engineer

Apply Now

SEED-SPOT is bringing its startup launchpad back to Philly

Funding news about Young Alfred Inc.

Impact startups and nonprofits: AWeber has $20,000 up for grabs

SPONSORED

Philly

Meet these 10 hiring companies at Super Meetup

Blue Bell, PA

Pinnacle 21

Senior Test Engineer

Apply Now
Philadelphia, PA

Technical.ly Match

Web Manager

Apply Now
Philadelphia, PA

PromptWorks

Senior Software Engineer

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!