Investment Tax Credit Transferability Bridge Facility will finance up to 25+ geothermal systems at affordable multifamily housing properties across Buffalo
BUFFALO, N.Y.–(BUSINESS WIRE)–Good Carbon Co. (GCC) closed a $20 million loan facility upsize with NY Green Bank (NYGB) a division of the New York State Energy Research and Development Authority (NYSERDA), to support the installation of geothermal heating and cooling systems at its portfolio of multifamily affordable housing developments in the Buffalo region.
The facility—the first publicly announced Investment Tax Credit (ITC) transferability bridge loan for geothermal heating and cooling technology—allows GCC to further accelerate its mission of developing deeply decarbonized affordable housing.
Over the next year, the facility may be utilized to fund the construction of up to 25+ geothermal systems eligible for federal Investment Tax Credits installed in multifamily affordable housing developments, boosting energy efficiency, cutting fossil fuel reliance and helping keep energy costs steady for residents. Geothermal systems leverage underground heat to provide highly efficient, carbon-free HVAC services to residents and are eligible for full federal Investment Tax Credits if construction starts by the end of 2033. By unlocking federal Investment Tax Credits, the facility will accelerate deployment of clean energy solutions while supporting equitable housing and community benefits.
Adam Serbert, Good Carbon Co. President/CEO, said “This initiative demonstrates how innovative financing can accelerate the transition to clean, equitable energy. By pairing federal Investment Tax Credits with sustainable technologies like geothermal systems, we’re enabling affordable housing communities to benefit from stable, carbon-free energy for decades to come.”
The facility builds on an existing loan facility between GCC and NYGB, which provided bridge funding for state-level clean energy incentives that GCC’s renovations qualify for. With this upsize, GCC continues to lead in demonstrating how federal and state incentives can spur the development of decarbonized affordable housing.
Kelsey Clair, Managing Director, Investment and Portfolio Management, NY Green Bank said “NY Green Bank is proud to support Good Carbon Co. on this pioneering transaction. As the first publicly announced ITC transferability bridge loan in geothermal, this deal demonstrates the viable investment opportunity of geothermal heating systems in a residential setting while also ensuring that more New Yorkers can enjoy comfortable heating and cooling in their homes.”
About Good Carbon Co.
Good Carbon Co. is a climate-focused developer and financier advancing projects that combine environmental innovation with community impact. With a growing portfolio in affordable housing, renewable energy infrastructure and green innovation capital, the company partners with developers, investors and public agencies to deliver high-performance housing and clean energy systems that reduce emissions, lower costs and improve quality of life.
Guided by its mission to “Do well by doing good,” Good Carbon Co. bridges that gap between climate ambition and tangible, inclusive results – deploying sustainable infrastructure that addresses climate change while improving equity and affordability.
Contacts
Media Inquires
Katey Serbert, Good Carbon Co.
716.882.7000
