Led by Patagonia and Kinaʻole Capital Partners, LLC, a first-of-its-kind group of five certified B-Corporations have come together to create a $35 million tax equity fund that will make the benefits of solar power available to more than a thousand U.S. households. The new fund uses state and federal tax credits to direct Patagonia’s tax dollars for residential development of affordable, efficient Sungevity solar energy systems.
The new fund builds off a similar, successful endeavor between Patagonia and Kinaʻole that was created to purchase 1,000 rooftop solar systems in Hawaiʻi in 2014. Now reaching the mainland United States, this transaction brings together five B Corporations (B Corps): Patagonia as the tax equity investor; Kinaʻole as the fund manager; New Resource Bank and Beneficial State Bank as lenders; and Sungevity, Inc., as the project developer. B Corps are for-profit companies certified by the nonprofit B Lab that meet rigorous standards of social and environmental performance, accountability, and transparency.
Above: Kohl Christensen installs a residential solar system for Kinaʻole Capital Partners. Oʻahu, Hawaiʻi. Photo: John Phaneuf