Press Release: Vista Community Clinic lights up with solar thanks to impact investors
FOR IMMEDIATE RELEASE
Contact: Carl Nettleton, firstname.lastname@example.org, 858-353-5489
SAN DIEGO, CA, (February 2, 2021) —The Vista Community Clinic has become the first San Diego area nonprofit to install a solar project financed by the SunForAll Solar Fund. The SunForAll Solar Fund was created by CollectiveSun in collaboration with lead investor the BQuest Foundation and other like-minded impact investors. The SunForAll Solar Fund will reduce Vista Community Clinic’s energy costs while also contributing to reductions in greenhouse gases.
“Placing solar energy on our Vista facility will reduce our annual energy costs by $105,539, rolling precious dollars back into our program services,” said Michele Lambert, Vista Community Clinic CFO. “This project not only helps us achieve cost savings, but it means we are concretely contributing to community health and global health by reducing our GHG emissions. The cost savings are great, but doing the right thing is great, too.”
The SunForAll Solar Fund allows tax-exempt organizations to take advantage of solar tax credits through CollectiveSun’s Solar Power Agreement (SPA), which reduces the cost of their solar project by 12%. In addition, the remainder is financed with grants and low-cost loans made possible through program related investments (PRI) with philanthropists and social impact investors such as lead investor the BQuest Foundation.
According to Kara Ballester, co-founder and president of the BQuest Foundation, “The SunForAll Solar Fund creates greater financial stability for nonprofits while also making an impact on climate sustainability. This is an innovative new way to help the nonprofits that serve our community to lower their operating expenses while reducing carbon emissions and expanding the use of renewable energy. We’re thrilled to see the Vista Community Clinic project completed, generating solar-powered financial and environmental savings, especially in the midst of a healthcare crisis. I hope other impact investors will see the multiple benefits and join us in this type of investing.”
According to Lee Barken, Chief Community Officer for CollectiveSun, the SunForAll Solar Fund has enabled Vista Community Clinic and seven other San Diego nonprofits to finance solar projects totaling $5.6 million dollars. “We are delighted to support the strengthening of nonprofits that serve as the backbone of our communities. With the SunForAll Solar Fund, nonprofits can enjoy both savings and environmental benefits from day one,” he said.
The Vista Community Clinic provides a health care safety net for the poor and uninsured in the Vista area, with nine state-ot-the-art clinics treating more than 69,000 patients each year at nine locations in San Diego, Orange and Riverside counties. The solar project was completed on the clinic’s offices at 1000 Vale Terrace Drive in Vista. While the clinic is the first of the eight nonprofits to complete its project and turn on its new solar system, the remaining organizations will also be completing projects in 2021.
Information about the more than 140 projects across 19 states totaling over $50 million financed by CollectiveSun can be found on the organization’s website. The firm’s innovative financing is available to all tax-exempt organizations, including charitable organizations, houses of worship, universities, and government agencies. The SunForAll Solar Fund is one of several CollectiveSun financing options and is specific to San Diego County.
Nonprofits wishing to learn more about how they can cost-effectively deploy solar at their facilities and impact investors interested in partnering with CollectiveSun should contact the organization for more information at 888-980-2786 or www.collectivesun.com.
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Founded in 2011, CollectiveSun provides cost-effective solar energy financing for tax-exempt organizations across the United States. In the past 4 years, the firm’s proprietary Solar Power Agreement (SPA) funding models has enabled more than 140 projects across 19 states totalling more than $50M. The innovative financing is available to all tax-exempt organizations, including charitable organizations, houses of worship, universities, and government agencies. CollectiveSun financing allows non-profits to access solar tax benefits normally unavailable to tax-exempt organizations. CollectiveSun reduces the cost of a nonprofit solar project by 12% or more and provides access to the least expensive funding options for the remaining cost. Additionally, the firm’s deep expertise in solar engineering, solar finance, and project management expedites and simplifies the process of going solar for its nonprofit partners.
About the SunForAll Solar Fund:
The SunForAll Solar Fund is a unique solar fund for nonprofits created by CollectiveSun with lead investor BQuest Foundation and other impact investors. SunForAll makes going solar easy and affordable with an innovative investment structure consisting of a Program Related Investment (PRI) that includes a grant plus low-interest loan to fund 100% of the up-front costs of nonprofit solar installations. With solar power, nonprofits can significantly lower operating costs and lock in energy savings for 25+ years.
About the BQuest Foundation:
The BQuest Foundation is a private family foundation with a mission of fighting the climate crisis by funding projects and partnering with organizations that reduce carbon emissions, expand the use of renewable energy, and advocate for the policy changes we need to transition to a carbon neutral future. BQuest practices place-based granting and investing in San Diego and the broader southern California region for three reasons: Collaboration, Community, and Leadership.The organization focuses on multiple layers of impact, particularly with an emphasis on environmental equity, in order to make a bigger impact per dollar granted or invested.