Tuesday, January 28, 2-3pm ET
Financing Resilient Power is a new, groundbreaking philanthropic effort—a $3.3 million initiative of The Kresge Foundation to accelerate the market development of solar PV plus battery storage (solar+storage) technologies in historically underserved communities. The Foundation’s financing initiative—developed with Clean Energy Group that will manage the effort—represents the first time a U.S. foundation has committed to use both its grantmaking and endowment resources in a comprehensive strategy to bring these new clean energy technologies to affordable housing and critical community facilities.
New York City Energy Efficiency Corporation (NYCEEC) is the lender selected to participate in the loan guarantee initiative. The new financing partnership consists of three key elements: a $3 million loan guarantee that provides borrowers and the participating lender a first-of-its-kind payment guarantee to help borrowers avoid default by keeping loan payments current, as well as capacity-building grants to the nonprofit participating lender, and technical assistance grants for eligible project owners and developers to assess the technical and financial feasibility of new solar+storage projects.
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