{"id":41362,"date":"2024-08-22T13:38:59","date_gmt":"2024-08-22T17:38:59","guid":{"rendered":"https:\/\/test.greenmoney.com\/2025\/?p=41362"},"modified":"2024-08-27T00:07:56","modified_gmt":"2024-08-27T04:07:56","slug":"ofn-receives-historic-2-3-billion-grant-for-clean-energy-community-investments","status":"publish","type":"post","link":"https:\/\/test.greenmoney.com\/2025\/ofn-receives-historic-2-3-billion-grant-for-clean-energy-community-investments\/","title":{"rendered":"OFN Receives Historic $2.3 Billion Grant for Clean Energy Community Investments"},"content":{"rendered":"
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>> Back to September 2024 Issue<\/a><\/p>\n

Greenhouse Gas Reduction Fund partnership with Environmental Protection Agency will transform community development finance industry with new clean energy financing ecosystem\u00a0<\/em><\/h2>\n

Opportunity Finance Network<\/a>\u00a0(OFN), the nation\u2019s leading investment intermediary and network of community development financial institutions (CDFIs), was recently selected to receive an award from the U.S. Environmental Protection Agency (EPA) under the\u00a0Clean Communities Investment Accelerator<\/a>\u00a0(CCIA), part of the EPA\u2019s $27 billion Greenhouse Gas Reduction Fund (GGRF), to finance the clean energy transition in low-income and underinvested communities nationwide. The $2.29 billion award marks a pivotal step forward in OFN\u2019s commitment to addressing the climate crisis, advancing environmental justice, and increasing access to capital in underinvested communities.<\/p>\n

With more than $1 billion in total assets under management, OFN has, for nearly 40 years, represented the nation\u2019s largest and most diverse network of community lenders. Its more than 410 active members \u2014 community investment loan funds, green banks, community development credit unions, minority depository institutions, community development banks, and venture firms \u2014 serve rural, urban, and Native communities across the country.<\/p>\n

OFN successfully mobilizes public, philanthropic, corporate, and private investors and, since 2020, has deployed over $210 million in loans and grants to its members, including over $8 million in targeted,\u00a0climate-focused investments<\/a>\u00a0announced at the end of 2023.<\/p>\n

\u201cOFN is thrilled to partner with the EPA on this historic investment to finance the clean energy transition and drive opportunity in communities across the country through the GGRF,\u201d<\/em> said OFN President and CEO Harold Pettigrew. \u201cWe are clear that now is the time to act on climate change, and the community development finance industry is an integral part of the solution. OFN, our network, and the community development finance industry are made for this moment, and we look forward to working with partners to deliver impact.\u201d\u00a0\u00a0<\/em><\/p>\n

The CCIA is a $6 billion program for national nonprofit \u201chubs\u201d to deliver financial resources and technical assistance to build the climate lending capacity of community lenders working in low-income and underinvested communities.<\/span><\/h2>\n

OFN aims to revolutionize the community development finance industry through new clean energy investments in underinvested communities, prioritizing climate action, equity, and community benefits. OFN will meet measurable goals with broad-based benefits in our targeted communities: reduced carbon pollution, better air quality, lower energy costs, and quality climate jobs.<\/p>\n

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