The Kresge-backed loan will help drive an equitable transition to renewable energy with a focus on solar and solar-plus storage

Sunwealth, a clean energy impact investment firm, announced today a $30 million construction loan facility with the Urban Investment Group (UIG) at Goldman Sachs Alternatives to develop solar, solar-plus-storage and standalone storage projects across the United States. UIG at Goldman Sachs Alternatives drives the firm’s impact investing and has committed more than $21 billion to transformative projects, including one of the nation’s first social impact bonds and one of the largest public housing green energy retrofits.

Sunwealth closed this loan agreement via a $3 million non-funded guarantee from The Kresge Foundation. Kresge has long supported equitable energy access in disadvantaged communities and catalyzed private impact investment for clean energy solutions.

“Now more than ever, Kresge is committed to ensuring communities with low wealth and communities of color — those most vulnerable to the impacts of climate change — can access solar energy and storage,” said Kresge Social Investment Officer Joe Evans. “This guarantee will support solar projects for social service providers, schools, houses of worship, small businesses and other nonprofits. We aim to demonstrate that these smaller and typically overlooked solar projects can successfully be financed through a capital market facility like those provided by Goldman Sachs and to recruit other traditional market actors who understand the value of climate and economic justice.”

Aligned with Sunwealth’s mission, the majority of the facility’s funds will be allocated to projects benefiting disadvantaged communities. As of 2024, over 58% of the projects in Sunwealth’s portfolio benefit historically underserved communities.

“We are grateful for the partnership of Kresge and Goldman Sachs’ Urban Investment Group and our shared mission to increase wealth, resilience and clean energy access in historically underserved communities,” said Omar Blayton, CFO of Sunwealth. “This investment will help drive the growth of high-impact solar projects across the country, and we hope it encourages other investors to participate in advancing renewable energy through impact investing.”

Sunwealth manages over 700 solar projects, totaling 54.3 megawatts across 18 states, creating more than $125 million in energy savings for customers and more than 1,800 green jobs. Sunwealth celebrated ten years of successful operation in 2024. This loan agreement furthers Sunwealth’s mission to build an equitable, just and inclusive clean energy future.

See the full news release here.