The Metropolitan Edison/Pennsylvania Electric Company Sustainable Energy Fund (Met-Ed/Penelec Sustainable Energy Fund) announced Tuesday that a new funding opportunity is available to nonprofit and for-profit organizations. Effective immediately, the fund will offer program-related investments (PRIs) to organizations within the Met-Ed and Penelec territories in Pennsylvania.
The Met-Ed/Penelec Sustainable Energy Fund, developed to provide funding for sustainable energy-efficiency and clean energy technology development, will offer PRIs typically ranging from $50,000 to $100,000 to projects that fulfill the mission of the fund. Program-related investments are low-interest loans, which provide capital that must be paid back. Loans will be offered at 4-6 percent interest with a maximum 10-year payback period. The final interest rate, loan term, and loan amount will be determined by the fund’s advisory committee in partnership with professional loan advisors at JARI Growth Fund, a certified Community Development Financial Institution (CDFI).
“The committee wanted to create a bigger impact than ever before with this funding,” says Davitt Woodwell, chair of the advisory committee for the Met-Ed/Penelec Sustainable Energy Fund and president of the Pennsylvania Environmental Council. “By offering larger pools of funding, we can drive sustainable energy solutions that will leave a positive impact on our communities. And by offering loans, we can use the money that is paid back for more projects in the future. We are excited to see the outcomes of the projects.”
With increased funding currently available for these types of projects from various sources, such as the federal and state government, this PRI opportunity will continue to move the needle on developing sustainable and renewable energy programs and clean-air technologies as the Met-Ed/Penelec Sustainable Energy Fund has since its inception.
Learn about the application process and criteria at https://bccf.org/met-ed-penelec-sustainable-energy-fund-loan-opportunity/.
The Met-Ed/Penelec Sustainable Energy Fund is administered by Berks County Community Foundation and the Community Foundation for the Alleghenies respectively.