Hartford, CT April 29, 2022 — 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.”