An EPA “green bank” awardee unveiled its first transaction Tuesday — a line of credit to help an Alaska Native lender support low-carbon projects.
The Coalition for Green Capital (CGC), which received $5 billion in August under the Inflation Reduction Act, will extend a $10 million line of credit to the nonprofit community lender Spruce Root, which will use the money to finance projects like swapping out diesel generators for zero-emissions heat pumps in tribal communities.
The announcement comes one day after Climate United, another EPA awardee, announced its first transaction.
CGC plans to eventually sign similar agreements with green banks and community lenders in every state. Reed Hundt, the group’s chief executive, said the decision to start with a community lender serving southeastern Alaska’s Native communities signaled CGC’s commitment to geographical diversity and serving disadvantaged communities.
