Photo courtesy of Liberty Bank
Middletown-based Liberty Bank has invested $2.5 million in a pool of funds to finance community-based solar projects across the United States.
Liberty Bank said in a statement yesterday that it has partnered with Sunwealth, a Cambridge, Massachusetts-based clean energy investment firm and public benefit corporation that finances and manages solar projects. The projects are funded through Sunwealth’s Solar Impact Fund, the statement said, and provide diverse communities with clean power, carbon reduction, cost savings and job creation.
“The solar industry has come a long way and it holds significant potential as a viable source of renewable energy and a catalyst in reducing adverse climate impact,” Liberty Bank President and CEO David Glidden said in the statement. “That’s what makes our partnership with Sunwealth so vital and timely. An investment in renewable energy and solar power results in significant environmental benefits, reduced carbon footprint, consistent energy cost savings, job creation and a boost to local economies.”
Sunwealth partners with solar developers and installers across the U.S. to finance and build small-scale solar projects for non-profit organizations, office buildings and businesses, houses of worship, and education centers schools.
Liberty Bank said the $2.5 million investment in the Solar Impact Fund would help bring green jobs and clean energy to communities, including low- to moderate-income communities.
“We were looking for investment opportunities that provided both societal and environmental benefits,” Paul Young, Liberty Bank’s senior executive vice president and chief financial officer, said in the statement. “The Sunwealth fund perfectly aligns with those objectives and our investment will make a meaningful difference in communities for generations to come.”
Glidden added that this investment and Liberty Bank’s other solar-related investments propel the bank’s evolving solar strategy and underscores its commitment to a more sustainable, clean energy future.
Sunwealth has invested over $100 million in more than 500 community-based solar projects nationwide since 2014.
“I am proud – and not surprised – to see Liberty Bank, a leader in my home state of Connecticut, take on a leadership role in bringing renewable energy to underserved markets,” Jon Abe, CEO of Sunwealth, said in the statement. “We will put their investment to work immediately creating green jobs, clean energy and savings in our communities.”
