Solar for nonprofits portfolio loan
MnCIFA loan for $1.84 million with 8-year term. Portfolio loan fund to install solar energy at 10 sites in the Twin Cities Area - all community nonprofits such as places of workshop and community centers - through partnership with Minnesota Interfaith Power & Light, Lake Street Solar and Apadana Energy.
Solar for Nonprofits
Lake Street Solar's portfolio loan financed installation of 579.18 kWh DC rooftop solar at 10 community nonprofits serving low-income communities:
- Celtic Junction Arts Center - St. Paul
- Clark Grace UCC - South St. Paul
- First Baptist Church - St. Paul
- Mount Olivet Lutheran Church - Plymouth
- New Creation Baptist Church - Minneapolis
- Redeemer Lutheran Church - Minneapolis
- San Pablo Iglesia/St. Paul's Church - Minneapolis
- Spirit of Hope UMC - Golden Valley
- 180 Degrees Center - two St. Paul sites
Leveraging federal investment tax credits
Lake Street Solar leveraged MnCIFA's bridge loan to cover costs for the solar installation with repayment federal Investment Tax Credits.
The rooftop solar arrays are anticipated to generate enough energy to meet most of the electricity needs for the nonprofits' buildings. Energy savings at each site will provide the nonprofit with more resources to serve their communities.