San Francisco, CA, April 14, 2021 — RE-volv, a climate justice nonprofit organization and leading financier of solar for community-serving nonprofits, announced today the launch of a $10M recoverable grant investment opportunity to help unlock the market for solar in frontline communities that bear the brunt of pollution and climate change. RE-volv has already received its first three recoverable grants totalling $275,000 through leading national donor advised funds facilitated by CapShift, an impact investing firm.
RE-volv expects this fund to more than double its year-over-year impact, allowing it to finance an additional 3MW of solar for nonprofits across the U.S. in the next 18 months that will save them between $15-20M on future electricity bills. Organizations RE-volv serves include community centers, food banks, affordable housing providers, schools, homeless shelters and more.
"Lack of access to capital has made it especially difficult for nonprofits serving environmentally impacted communities to access solar," said Andreas Karelas, RE-volv founder and executive director.
Recoverable Grants represent a philanthropic model allowing donors to recoup funds plus modest returns when impact milestones are achieved, enabling reinvestment in additional causes. When foundations or DAFs make recoverable grants to RE-volv, the organization finances solar installations for nonprofits in underserved areas. These organizations pay approximately 15% less than standard utility rates.
RE-volv's expansion reflects substantial growth. From 2011-2019, the organization invested under $1M in 400kW across 28 nonprofits. A $10 Million commitment from Trisolaris, LLC in 2019 enabled significant scaling. By end of 2021, RE-volv deployed 45 projects spanning ten states, totaling 3.3MW.
"Capital-intensive projects like solar align well with recoverable grant structures," said Adam Rein, CapShift President and COO.