CHICAGO, Jan. 31,
2024 /PRNewswire/ -- A new portfolio of seven
community solar projects in Illinois and New
York will help approximately 5,000 households, along with
area non-profits, businesses, and a public school district, save as
much as 20% on their monthly electricity costs. Reactivate (an
Invenergy company), a mission-driven renewable energy company,
in collaboration with Walmart and U.S. Bancorp Impact
Finance (a U.S. Bank subsidiary) recently closed a tax equity
transaction on the new portfolio. Once the projects are placed in
service, the beneficiaries will include a significant majority of
Low-to-Moderate Income (LMI) households; the remaining savings will
be realized by public schools, a municipality, non-LMI households,
and various private organizations, including two affordable housing
providers, a community recreation center, religious institutions,
and a housing association.
For Walmart, this is a key example of how the retailer is
ramping up its energy transformation strategy by investing in
projects that focus on making access to clean energy affordable,
reliable, and equitable – and in line with Walmart's goal to bring
at least 2GW of community solar projects in service by the end of
2030. "Serving our customers and communities is core to our purpose
at Walmart and our support of this high-impact portfolio
demonstrates our continued commitment to that purpose. These
projects will assist in building a stronger and cleaner grid,
expand access to clean energy for underserved communities and help
people save money on their utility bills," said Frank Palladino, Vice President, Renewable
Energy Strategy at Walmart.
"This partnership with Walmart and U.S. Bank combines
environmental stewardship with social responsibility, delivering
tangible benefits to low-to-moderate income and energy transition
communities while achieving clean energy goals", said Chris King, EVP of Finance at Reactivate. "We
remain committed to driving positive change and reshaping the
landscape of renewable energy investment," said Utopia Hill, CEO of
Reactivate.
The transaction supports a portfolio of seven community solar
projects across Illinois and
New York, boasting a combined
capacity of 14.4 megawatts (AC) which are estimated to avert
667,788 metric tons of CO2 emissions — equivalent to
eliminating 748 million pounds of coal burned — over the projects'
lifespans. The six Illinois
community solar projects are located in Chicago Heights, Ford Heights, Monee, Granite
City, and Rockford and will
serve qualifying customers of ComEd and Ameren. The New York solar project is located in Oswego
County and will serve qualifying customers of National
Grid.
Community solar allows customers to realize the financial
benefits of clean energy without owning a property or the upfront
costs for solar. For renters, LMI households, and many local
businesses in states with community solar programs, community solar
is one of the few zero-upfront-cost options for saving money on
electricity bills. According to DOE's Low-Income Energy
Affordability Data Tool, the national average energy burden for
low-income households is 8.6%, three times higher than for
non-low-income households. In some areas, depending on location and
income, energy burden can be as high as 30%. Of all U.S.
households, 44%, or about 50 million, are defined as
low-income.
"Projects like Reactivate's are shining examples of how
renewable energy developers can distribute the direct benefits of
grid-decarbonization to historically underserved communities," said
Clark Conlisk, U.S. Bancorp Impact
Finance - Vice President, Assistant Director of Project Management
& Impact Capital, who is part of the Environmental Finance team
of U.S. Bancorp Impact Finance. "For the LMI households subscribed
to the project, the money that no longer must be spent to keep on
the lights and A/C is a benefit to real people and empowers them to
spend or save as they choose. U.S. Bank is fortunate to be able to
support Reactivate's vision for an inclusive and equitable clean
energy economy while advancing our own clean energy and equity
goals."
Reactivate's portfolio will serve approximately 5,000 households
to benefit from the electricity cost savings delivered by these
projects, approximately 90% of which will qualify as LMI. LMI
customers in Illinois and
New York will receive a minimum
20% reduction on their retail electricity costs, up to the amount
of their subscription to project output. Total customer savings
from the projects in this investment are projected to exceed
$17 million over the projects'
lifespans.
About Reactivate
Reactivate is a mission-driven
renewable energy company, that develops, owns, and operates
renewable energy projects to improve the lives of people in
low-to-moderate income and energy transition communities across the
country. Reactivate's primary focus areas are community solar,
commercial & industrial solar, small utility scale solar,
energy storage, and EV charging projects. Reactivate creates
positive social and environmental impact in underserved communities
by delivering renewable energy, environmental benefits, job
opportunities, energy cost savings and opportunities for minority
and women-owned businesses. Reactivate was founded by Invenergy and
Lafayette Square.
About Walmart
Walmart Inc. (NYSE: WMT) is a
people-led, tech-powered omnichannel retailer helping people save
money and live better – anytime and anywhere – in stores, online,
and through their mobile devices. Each week, approximately 240
million customers and members visit approximately 10,500 stores and
numerous eCommerce websites in 19 countries. With fiscal year 2023
revenue of $611 billion, Walmart
employs approximately 2.1 million associates worldwide. Walmart
continues to be a leader in sustainability, corporate philanthropy,
and employment opportunity. Additional information about Walmart
can be found by visiting https://corporate.walmart.com, on Facebook
at https://facebook.com/walmart, on X (formerly known as Twitter)
at https://twitter.com/walmart, and on LinkedIn at
https://www.linkedin.com/company/walmart/.
About U.S. Bancorp Impact Finance
U.S. Bancorp Impact
Finance, a subsidiary of U.S. Bank, is an industry leader in
providing financial solutions that help create positive impact for
communities and the environment. For 35 years, its tax credit
investments and syndications, lending and other financial solutions
have helped create affordable housing, spur economic activity in
underserved communities, restore historic buildings, develop
renewable sources of energy, and strengthen community development
financial institutions (CDFIs) nationwide. Learn more at
usbank.com/impactfinance.
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SOURCE Reactivate