Patagonia comes out of the cold and gets into rooftop solar—again. Today Patagonia announced that it and Kina’ole Capital Partners have partnered to lead the creation of a new, $35 million fund to support rooftop solar installations in a number of states.
It’s a first-of-its-kind venture that brings together five B-Corporations to create a rooftop solar tax equity fund. B-Corps are companies that incorporate being environmental and social issues into their bylaws as part of their corporate responsibility. The venture will help up to 1,500 homeowners in Arizona, California, Connecticut, Delaware, Maryland, Massachusetts, New Jersey and New York go solar. Working with Sungevity, the fund allows Patagonia’s tax dollars to help it and homeowners to take advantage of state and federal tax incentives.
Patagonia is making its investment through its $20 Million & Change fund. The fund was created in 2013 to help startup companies grow, Patagonia said. Patagonia and Kina’ole previously created a similar, $27 million fund to support 1,000 solar rooftops in Hawaii in 2014.
Through the new venture it adds New Resource Bank and Beneficial State Bank as lenders and Sungevity, Inc., as the project developer. “We’re doubling down on an investment strategy that brings great financial returns while supporting the clean energy economy,” said Patagonia CEO Rose Marcario. “B Corps know how to make money while creating broader benefits—but any company would be smart to leverage their tax dollars this way. I hope others take advantage of a great opportunity.”
“We’re excited to join with Patagonia to share our tax equity investment blueprint with other companies interested in making a successful return by supporting clean energy,” said Blair Herbert, Principal of Kina’ole. “Sungevity quickly emerged as the natural partner given its strong customer experience and like-minded management team, and we’re excited to see our fund result in more residential solar over the coming years,” added Kina’ole principal Andrew Yani.
Through the fund homeowners will have a chance get a solar panel installation on their homes with no up-front cost through a 20-year power-purchase agreement with Sungevity. “Sungevity is proud to be a founding B Corp member and a recognized ‘Best for the World’ company,” said Andrew Birch, Chief Executive Officer, Sungevity, Inc. “This B Corp partnership clearly demonstrates that corporations can work together in creative ways to simultaneously benefit their respective bottom lines, the personal finances of homeowners and the environment.”Tweet