Philadelphia Energy Authority Press Release, Sept. 21, 2021
For press inquiries, please contact Maryrose Myrtetus at [email protected]
The Philadelphia Energy Authority Launches the Philadelphia Green Capital Corp. to Grow City’s Clean Energy Economy
Philadelphia, PA — The Philadelphia Green Capital Corp. (PGCC) opens for business today to provide low-cost financing options for energy efficiency and renewable energy projects in the Philadelphia region. As a non-profit green bank developed by the Philadelphia Energy Authority (PEA), PGCC’s vision is to spur the growth of a thriving, clean energy market that serves all Philadelphians.
Green banks are innovative financing organizations that expand existing clean energy markets by attracting private capital to energy efficiency, renewable energy, and resiliency projects. Across the country, green banks have fueled over $7 billion dollars of investment. With PGCC, Philadelphia now has a dedicated platform for attracting capital and spurring clean energy project development, especially in underserved markets with high barriers to affordable financing.
PGCC will support PEA’s programs and generate $250 million of investment in support of the Philadelphia Energy Campaign. In 2016, through the leadership of City Council President Darrell Clarke, PEA launched the Philadelphia Energy Campaign to create 10,000 jobs, invest $1 billion in clean energy and energy efficiency projects, strengthen communities, cut energy bills, and reduce the City’s carbon footprint.
Full press release HERE.