Washington, DC— The Coalition for Green Capital (CGC) today announced the formation of a new strategic partnership with marketplace merchant Enervee. Enervee joins the growing coalition of clean energy lending experts preparing to seek funding from the Environmental Protection Agency’s (EPA) Greenhouse Gas Reduction Fund (GGRF) to launch a nationwide green bank network.
The EPA has made clear that the primary objectives of the GGRF are to reduce greenhouse gas emissions, drive funds and projects in low-income and disadvantaged communities, and mobilize financing and private capital to stimulate additional deployment of resources.
Enervee’s Eco Financing program is exactly the type of direct investment envisioned by the EPA for the $14B National Clean Investment Fund. The nationwide program leverages private capital, extends affordable financing to people with low credit scores, empowers income-constrained households to pay for efficient appliances with low monthly payments, reduces greenhouse gas emissions, and alleviates the burden of high utility bills.
“Adding Enervee as a strategic partner will greatly enhance the Coalition’s ability to serve millions of low and moderate-income households,” said Eli Hopson, executive director and COO of Coalition for Green Capital. “Our network of green lenders has already identified over $14B in clean energy project pipeline over the next several years, facilitating public-private partnerships to deliver relief in communities facing the brunt of the climate crisis. We look forward to demonstrating to the EPA why this nationwide network is the strongest tool for leveraging the IRA’s once-in-a-lifetime investment of federal funds.”
“Eco Financing has enjoyed the support of green banks in California and New York, but not every state has a green bank. The nationwide green bank network will allow us to serve all income- and credit-constrained consumers across the country and rapidly scale impact,” said Matthias Kurwig, Enervee’s CEO. “Eco Financing fills a critical gap in programs designed to drive decarbonization equitably, with over 85% of loans going to underserved borrowers.”