Impact Investor Enhanced Capital Invests in Solar Landscape Community Solar Projects in New Jersey
- Funding Supports One of the Nation's Largest Clean Energy Portfolios Specifically Designated for Low- and Moderate-Income Households
- 46 new solar systems will produce over 50 million kilowatt hours (kWh) of zero-emissions electricity annually
NEW YORK, Dec. 14, 2022 /PRNewswire/ -- Enhanced Capital, a leading impact investing firm with over 20 years of investment experience, and Crossroads Impact Corp (Crossroads), today announced that it has funded a development capital investment in Asbury Park-based Solar Landscape, which has completed over 100 solar projects in New Jersey totaling over 115 megawatts. Funding provided by Enhanced Capital is supporting a 50.5 MWdc community solar portfolio that will produce over 50 million kWh annually, the equivalent of 2,725 homes' annual energy use.1
Through its Climate Finance strategy, Enhanced Capital supports carbon mitigation and the transition to a clean energy economy by investing in small businesses and sustainable infrastructure projects throughout the U.S. The firm applies a thematic framework to generate positive, measurable impact alongside a financial return.
"Enhanced Capital focuses on providing capital to businesses and market segments that generate measurable community impact. So, in conjunction with flexible lending products, Enhanced Capital's investments utilize a number of state and federal tax credits," said Michael Korengold, President and CEO of Enhanced Capital. "Our experience pairing tax credits and private capital gives us an effective playbook to support a clean energy economy and projects supporting wind energy, microgrids, EV infrastructure, carbon capture, and battery storage while generating risk-adjusted returns."
The investment will help Solar Landscape further expand its portfolio of roof-mounted systems in New Jersey's community solar program, which is focused on delivering economic benefits to low- and moderate-income New Jersey residents. Solar Landscape's latest community solar portfolio is made up of 46 solar installations on commercial warehouse rooftops across the state and is the largest community solar portfolio in New Jersey to date.
"This Solar Landscape portfolio is expected to produce almost 50 million kilowatt-hours of zero-emission electricity by next year for low-income communities in New Jersey," said Ed Rossier, Managing Director and Head of Climate Finance. "This expansion makes Solar Landscape's New Jersey community solar footprint one of the nation's largest clean energy portfolios specifically designated for low- and moderate-income households and will drive down their utility costs by 20% on average."
Enhanced Capital has invested in multiple transactions in proprietary and non-advisory client assets in Solar Landscape since 2020.
"New Jersey is leading the nation in connecting community solar to clean energy equity, and financing is an important part of that connection," said Solar Landscape CEO Shaun Keegan. "Enhanced Capital's Climate Finance strategy is focused on supporting sectors like community solar that bring tangible benefits to communities, empower commercial real estate leaders to meet their ESG goals, and help us transition to net zero. We look forward to bringing these benefits to thousands of residents here in New Jersey and soon to even more nationwide."
Enhanced Capital and Crossroads have partnered to positively impact communities across the U.S. by enriching their economic vitality. An advisory agreement enables Enhanced Capital to source, underwrite, and manage impact credit assets on behalf of Crossroads, directing much-needed capital to investments in Enhanced Capital's core strategies of Climate Finance, Impact Real Estate, and Small Business Lending in underserved communities.
Enhanced Capital Group, LLC is a leading impact investing firm with over 20 years of experience investing in Small Business Lending, Impact Real Estate, and Climate Finance.
From inception in 1999 through September 30th, 2022, inclusive of proprietary assets and assets managed by affiliates, Enhanced Capital has raised a total of $5.3 billion. Of the total AUM, impact assets represent $3.2 billion invested in over 750 projects & businesses across 39 states, Washington DC, and Puerto Rico and does not include investments made by non-impact affiliates.
For more information on Enhanced Capital, please visit www.enhancedcapital.com.
Based in Asbury Park, Solar Landscape is a leading full-service developer, designer, installer, owner, and operator of community solar and solar energy solutions for the commercial/industrial, municipal, public school and non-profit marketplaces. The company employs more than 100 people and has more than 200 megawatts of solar energy projects completed or under construction. For more about Solar Landscape, visit www.solarlandscape.com.
Crossroads Impact Corp (OTCQX: CRSS) Crossroads Impact Corp's mission is to promote economic vitality through community development and equitable access to capital; harnessing the power for good to tackle systemic issues within underserved communities. Building on our history of serving minority individuals and small businesses through environmental and responsible social lending, we look to be the leader in providing innovative and sustainable lending solutions.
Crossroads' subsidiary, Capital Plus Financial (CPF), is a certified Community Development Financial Institution (CDFI) and certified B-Corp which promotes homeownership among disinvested communities, especially Hispanic families with little or no credit.
For more information on Crossroads Impact Corp, visit www.crossroads.com.
- All calculations for Carbon Dioxide equivalents outputs are based on EPA Greenhouse Gas Equivalencies Calculator.
Disclaimer:
Enhanced Capital Group, LLC, and its affiliates, is an Equal Opportunity Provider. Information presented is for discussion purposes only and is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product, or investment advisory services. This is not an offering or the solicitation of an offer to purchase an interest in a fund. All investments bear the risk of loss. Past performance is not indicative of future results. An investor's return will be reduced by the fees and expenses incurred by their account or the private fund in which they invest. Investments in tax credits are not securities investments.
Media Contact for Enhanced Capital:
Katrin Lieberwirth
Off: 646 502 3548
Cell: 646 286 5401
[email protected]
SOURCE Enhanced Capital
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