PHILADELPHIA – 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 the non-profit green bank affiliate of 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 clean energy markets by attracting private capital to green projects. With PGCC, Philadelphia now has a dedicated platform for attracting capital and spurring 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, which PEA launched in 2016 to create 10,000 jobs, invest $1 billion in clean energy projects, strengthen communities, cut energy bills, and reduce poverty and fight climate change. PGCC will also support the City’s goal of achieving carbon neutrality by 2050.
“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 to create healthier and more sustainable outcomes for our communities.”
PGCC Board President Emily Schapira, also President and CEO of PEA says, “PGCC will bring more public and private capital to our work to ensure a just, equitable clean energy transition.”
PGCC’s products include a “Navigator” Pre-Development loan and a “Catalyst” Term Loan to help owners of multifamily and non-profit properties make clean energy improvements.
The organization is also launching a Solar Renewable Energy Credit (SREC) Revolving fund to support PEA’s low- and moderate-income (LMI) solar programs and is supporting the Solar Savings Grant Program to make solar loans more affordable.
Councilmember Derek Green adds, “PGCC is a catalyst for a robust clean energy market in Philadelphia. It offers 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 Philadelphia’s clean energy market,” says Maryrose Myrtetus, Executive Director of PGCC.
