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Candide Climate Justice Fund

Pursuing An Equitable Transition By Providing More Accessible & Affordable Clean Energy Company Financing

Published

Approach

“We believe pro­vid­ing more afford­able loans for com­mu­ni­ty-owned clean ener­gy projects will help facil­i­tate inno­va­tion, build cli­mate resilience in low-income and BIPOC com­mu­ni­ties, and ensure an equi­table ener­gy tran­si­tion. Our vision is to have a flour­ish­ing num­ber of devel­op­ers that own clean ener­gy sys­tems along­side com­mu­ni­ties— devel­op­ers that look like those com­mu­ni­ties, have roots there and are hir­ing from those communities.”

— James Pippim, Senior Associate, Candide Climate Justice Fund

Energy Near-Term Outcome #2:

Practical power market re-designs are developed, piloted, and implemented, creating a path for wholesale energy markets to adopt clean, renewable energy.

Primary SDGs:

7. Affordable and Clean Energy
8. Decent Work and Economic Growth
13. Climate Action

Type of Financing:

Fund Investment
Builders Initiative

The Problem

The consequences of climate change have placed an unequal burden on low-income and BIPOC communities. Many suffer from air and water pollution which can lead to life threatening impacts on their health and overall wellbeing. These communities are also disproportionately affected by high electricity and utility bills. Finally, they are often left out of receiving clean energy resources as many clean energy projects in these communities fail to break ground due to high borrowing costs, perceived risks, and lack of available capital.

The Approach

Candide’s $50M Climate Justice Fund aims to expand access to new sources of clean energy by offering affordable loans to companies implementing solar installations, electric vehicle charging networks, green buildings, and other clean energy solutions in low income and BIPOC communities. The fund will build and support new and creative underwriting models and provide lower-cost term loans, flexible bridge loans, and balance sheet financing to advance pre-development and development work on projects that typically do not qualify with traditional capital providers.

The Impact

The Fund’s mission to lower the cost of capital and enable ownership of community solar and other clean energy assets will support greater energy savings, lower electricity bills, enhance good paying jobs, and support healthier, more resilient communities. Candide will be tracking these benefits over the life of the fund. In time, these impacts in low-income and BIPOC communities will help to transform these neighborhoods and support a better quality of life