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RELEASE DATE: 9/21/21
The Philadelphia Energy Authority Launches the Philadelphia Green Capital Corp. to Grow City’s Clean Energy Economy
Philadelphia, PA — The Philadelphia Green Capital Corp. (PGCC) opens for business today to provide low-cost financing options for energy efficiency and renewable energy projects in the Philadelphia region. As a non-profit green bank developed by the Philadelphia Energy Authority (PEA), PGCC’s vision is to spur the growth of a thriving, clean energy market that serves all Philadelphians.
Green banks are innovative financing organizations that expand existing clean energy markets by attracting private capital to energy efficiency, renewable energy, and resiliency projects. Across the country, green banks have fueled over $7 billion dollars of investment. With PGCC, Philadelphia now has a dedicated platform for attracting capital and spurring clean energy project development, especially in underserved markets with high barriers to affordable financing.
PGCC will support PEA’s programs and generate $250 million of investment in support of the Philadelphia Energy Campaign. In 2016, through the leadership of City Council President Darrell Clarke, PEA launched the Philadelphia Energy Campaign to create 10,000 jobs, invest $1 billion in clean energy and energy efficiency projects, strengthen communities, cut energy bills, and reduce the City’s carbon footprint.
“The creation of a dedicated green bank for the Philadelphia area marks a turning point for our City,” says Philadelphia City Council President Darrell Clarke. “Philadelphia is not only embracing a green future but also leading the way through innovative financing tools that will create healthier and more sustainable outcomes for our neighborhoods and businesses.”
PGCC Board President Emily Schapira, who is also President and CEO of PEA says, “PGCC will bring more public and private capital to our work, and develop tools to help scale PEA’s programs, meet the goals of the Energy Campaign, and ensure a just, equitable clean energy transition.”
PGCC’s products include a “Navigator” Pre-Development loan to help owners of multifamily and non-profit properties scope and design energy projects, and a “Catalyst” Term Loan for affordable housing buildings and nonprofits who need additional capital to make clean energy improvements.
PGCC also supports PEA’s low- and moderate-income (LMI) solar programs through creative financing support, including loan loss reserves and a revolving fund for the solar renewable energy credits generated by the projects. Through this work, PGCC is making solar more affordable for participants in PEA’s current Solar Savings Grant Program and is securing capital for additional LMI installations in the future.
Councilmember Derek Green adds, “PGCC is a catalyst for the clean energy market in Philadelphia. It offers our residents, businesses, and project developers the financial tools they need to build a more sustainable future.”
“We are excited to support PEA’s work and scale the impact of the Energy Campaign,” says Maryrose Myrtetus, Executive Director of PGCC. “Through a combination of new financing products and market development activities, we will help businesses and residents take on more energy efficiency, renewable energy, and resiliency projects.”
PGCC invites interested homeowners, businesses, and project developers to visit phillygreencapital.org to learn more about how PGCC’s tools can help them go green.