The Massachusetts Clean Energy Center is issuing this Request for Proposals (RFP) seeking an individual or firm to support MassCEC in the launch of a Climate Finance Accelerator.
Donor Name: Massachusetts Clean Energy Technology Center (MassCEC)
State: Massachusetts
County: All Counties
Type of Grant: Accelerator
Deadline: 03/10/2023
Size of the Grant: $200,000
Details:
The terms “Green Bank”, “Climate Bank”, and “Climate Finance” are used broadly across the country and can indicate a large variety of different approaches and programming. MassCEC envisions an approach that is focused on leveraging private capital partners to expand access and availability of capital for projects moving the Commonwealth towards its climate goals – a Climate Finance Accelerator.
The Climate Finance Accelerator could help prove out innovative finance approaches and help “crowd in” private investment from banks, credit unions and institutional investors by helping to reduce and manage investors’ risks, aggregating and qualifying investment opportunities, and testing innovative approaches to financing clean energy solutions. The long-term goal of the accelerator is to enable access to financing for projects critical to achieving the Commonwealth’s climate objectives, including within underserved communities. The Climate Finance Accelerator may also seek to earn revenue to cover on-going operating costs, balanced against continual funding support that may be needed to support more difficult-to-finance projects. While financing “2050-Ready” building projects will be the top priority for this accelerator, in the longer-term, support could also be provided to financing energy transition projects in other segments needing capital (e.g., EV supply equipment).
MassCEC seeks an experienced Contractor to support the creation and launch of this initiative, including in applying for funds made available through the GGRF to capitalize these efforts.
Funding Information
Total Funding Available: $200,000
Scope of Work
The selected consultant will provide ongoing support in the implementation of MassCEC’s climate finance efforts and in the development and submittal of an application for federal funding through the GGRF and/or in the development and submittal of an application for GGRF funds through an intermediary as appropriate based on EPA’s final programmatic decisions and in order to maximize Massachusetts ability to leverage this federal funding opportunity in support of the climate finance efforts described above.
The selected consultant will have the below responsibilities (additional responsibilities may be developed and mutually agreed to in support of the overall goals above):
- Participate, along with MassCEC staff and on behalf of MassCEC as a project team member, in partnership with the City of Boston on the development of a climate finance business plan, providing feedback to consultant team, and considering implementation.
- Monitor the development of the GGRF by the EPA, providing updates and summaries to MassCEC staff and developing a proposed approach for MassCEC to maximize the opportunity for Massachusetts based on released guidance.
- Support MassCEC in the development and submission of a Massachusetts focused application(s) for funding made available through the GGRF, aligned with goals and targets of the Climate Finance Accelerator and as supported by the developed business plan.
- May include applications both directly to EPA for GGRF funding as well as application(s) to intermediary entities disbursing funds from the GGRF.
- Support MassCEC in the launch of a Climate Finance Accelerator, including establishment of appropriate structure and guidance (which may include formation of a non-profit entity), development of initial financing products, engagement with existing capital providers and formation of partnerships, and other activities that may support a competitive application for federal funding sources.
- May also include supporting MassCEC in seeking capitalization for climate finance accelerator efforts through other state or non-federal sources.
Eligibility Criteria
Applicants may be individuals, sole proprietors, or companies/non-profits with multiple employees. Firms with multiple employees must designate a single employee as the lead who would be providing the majority of the services.
As previously described, MassCEC anticipates this individual would ‘embed’ at MassCEC as needed for the duration of this effort (approximately 6-12 months), committing 20 hours per week or more during applicable periods and ideally making reasonable regular visits to the office in Downtown Boston. MassCEC anticipates the commitment needed from this role would fluctuate based on tasks assigned/undertaken.
Applicants must have the experience described below:
- Demonstrated deep experience with energy project finance and the green bank/climate bank model;
- Demonstrated experience in real estate focused investment and conducting strategy development in the investment fund arena;
- Demonstrated knowledge of a variety of community investing organizations including CDFIs, community development credit unions, community development corporations, community loan funds and the like, including how they are organized, capitalized, resourced, and how they operate;
- Demonstrated experience developing successful applications for federal funding opportunities;
- Demonstrated experience working with intermediary entities working on behalf of a federal funding opportunity or program;
- Diversity, Equity, and Inclusion: Applicants should have experience incorporating diversity, equity, and inclusion considerations into previous work, including successful program design and implementation focused on low- and moderate-income populations or in environmental justice communities;
- Demonstrated familiarity with building energy retrofit projects and decarbonization solutions for buildings, including efficiency, building electrification, and clean electricity solutions; and
- Demonstrated familiarity with the building market and the clean energy, efficiency, and GHG emissions policy landscape in Massachusetts, including existing incentivization and supported financing programs such as Mass Save, the Mass Save Heat Loan, Commercial PACE, etc.
Eligible Activities
MassCEC seeks a Contractor with experience in climate finance to support MassCEC’s climate finance efforts including the following key activities:
- Developing and submitting an application (or applications) for funding made available through the GGRF, as a direct and/or indirect recipient.
- Supporting the launch of a Climate Finance Accelerator, including development of initial offerings and programming, engagement with key stakeholders, development of private sector partnerships, and marketing the initiative. This Includes:
- Engaging in the ongoing partnership effort with the City of Boston and Green Ribbon Commission to help inform the business plan deliverable and translate that business plan into direct implementation; and
- Providing support in implementing the structural and organizational elements of a climate finance accelerator, informed by recommendations from the partnership effort, which may include formation of a non-profit entity.
MassCEC anticipates this individual (or the lead individual from within a firm) would be available to ‘embed’ at MassCEC as needed for the duration of this effort (estimated to be 6-12 months), is available to commit up to 20 hours per week during certain periods as determined by MassCEC over that time frame, and ideally could make reasonable regular visits to the MassCEC office in Downtown Boston.
For more information, visit MassCEC.
