Philadelphia Energy Authority Launches New Green Bank – Philadelphia Green Capital Corp.


PHILADELPHIA CREAM, September 21, 2021 / PRNewswire / – The Philadelphia Green Capital Corp. (PGCC) opens its doors today to provide low-cost financing options for energy efficiency and renewable energy projects in the Philadelphia cream Region. As a non-profit green bank affiliate of the Philadelphia Energy Authority (PEA), PGCC’s vision is to drive the growth of a thriving clean energy market that serves all Philadelphians.

Green banks are innovative finance organizations that expand clean energy markets by attracting private capital to green projects. With PGCC, Philadelphia cream now has a dedicated platform to attract capital and drive project development, especially in underserved markets with high barriers to affordable financing.

PGCC will support PEA programs and generate $ 250 million investment in support of the Philadelphia Energy Campaign, which PEA launched in 2016 to create 10,000 jobs, invest $ 1 billion in clean energy projects, strengthen communities, reduce energy bills, reduce poverty and fight climate change. PGCC will also support the City’s goal of achieving carbon neutrality by 2050.

“The creation of a green bank dedicated to Philadelphia cream area marks a turning point for our city, ”said Philadelphia City Council chairman Darrell clarke. “Philadelphia cream not only embraces a green future, but also paves the way for healthier and more sustainable outcomes for our communities. ”

Chairman of the Board of Directors of PGCC Emilie Schapira, also President and CEO of PEA, said: “PGCC will bring more public and private capital to our work to ensure a fair and equitable transition to clean energy. “

PGCC’s products include a “Navigator” pre-development loan and a “Catalyst” term loan to help owners of multi-family and not-for-profit properties make clean energy improvements.

The organization is also launching a Renewable Solar Energy Credit Revolving Fund (SREC) to support PEA’s Low and Moderate Income (LMI) solar programs and supports the Solar Savings Grant program to make solar loans more affordable.

Board member Derek Green adds: “PGCC is a catalyst for a robust clean energy market in Philadelphia cream. It gives Philadelphians the financial tools they need to build a more sustainable future. “

“Through a combination of new financing products and market development activities, we will accelerate the growth of that of Philadelphia clean energy market ”, says Maryrose Myrtetus, Executive Director of PGCC.

PGCC invites interested owners, businesses and project developers to visit to learn more about how PGCC can help them go green.

Contact: [email protected]

SOURCE Philadelphia Energy Authority

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