Investing in a greener planet, Reinvestment Fund is financing energy efficiency and water conservation measures in scattered site multi-family properties throughout California.
The project is in partnership with Affordable Community Energy Services Company (ACE), a mission-oriented energy services project developer focused on implementing water conservation, energy efficiency and renewable energy improvements with a strong focus on affordable multi-family housing. Also involved in the project are Bright Power Inc., the general contractor, and Mercy Housing Inc., the host and owner of the portfolio of properties. Mercy is a registered 501©3 nonprofit with a 35-year history of developing, preserving, and managing housing and residences for individuals with special needs.
Reinvestment Fund’s loan will finance energy and water improvements for approximately 90 buildings with 6,000 multi-family units across multiple cities in California. The units are occupied by low- and moderate-income residents. The combined improvement measures are estimated to decrease the portfolio of Mercy’s energy consumption by 15.32%; and water consumption by 13.74%. Expressed another way, the project is expected to save 2.1 million kWhs of electricity; 32 million gallons of water; and 23,000 therms of natural gas, each year.
The project aligns with Reinvestment Fund’s values in several ways. First, the project supports energy conservation in multi-family housing—a segment of the energy efficiency market where there is high need for efficiency services but few opportunities for clean energy financiers. Second, this project allows Reinvestment Fund to continue to grow its clean energy work. And third, this partnership represents an opportunity to collaborate with a strong, mission-oriented borrower.