Inclusive Prosperity Capital, Inc. (IPC) announced that it raised $13 million in 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 – nonprofits, 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, including a $3-million loan from Kresge’s Social Investment Practice in partnership with the Environment Program. PRIs are critically flexible and catalytic capital support and give 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.
“Kresge has invested in IPC from the beginning,” said Portfolio Director and Social Investment Officer Joe Evans, “because we believe in its unique mission. We’re excited to make this additional capital available to them in partnership with new investors.”
Inclusive Prosperity Capital CEO Kerry O’Neill 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.”
View the full press release here.