Kresge Foundation Provides $10 Million Guarantee to 'Green Bank'

Kresge Foundation Provides $10 Million Guarantee to 'Green Bank'

Inclusive Prosperity Capital, which works to increase access to capital in low- and moderate-income communities, has announced a $10 million guarantee and a $300,000 grant from the Kresge Foundation in support of clean-energy initiatives.

Launched in 2018 in partnership with the State of Connecticut's Department of Energy and Environmental Protection and Kresge and other funders, IPC works at the intersection of clean energy finance, community development, and climate impact. The financial support from Kresge will fund the organization's expansion beyond Connecticut and help accelerate the launch of its flagship investment fund, which will deploy capital into clean-energy programs and projects nationwide.

"Kresge's guarantee is especially catalytic," said IPC chief executive Kerry O'Neill, "because it provides our new fund structure with the sort of institutional, anchor support that can serve as the foundation for a flexible capital stack that both meets diverse investor needs and allows IPC to address traditionally underinvested market segments."

"This guarantee is grounded in Kresge's commitment to help more people who live in low-income communities enjoy the benefits of the best in climate resiliency advancements," said Kim Dempsey, deputy director of Kresge's Social Investment Practice. "IPC's promising new business model is designed to catalyze the clean energy market, and we hope our support allows the organization to create long-term partnerships with investors, service providers, and customers."