The Illinois Bankers Association (IBA), through its subsidiary Illinois Bankers Business Services (IBBS), is partnering with KeyState Renewables (KeyState) to raise up to $75 million in solar tax equity capital from Illinois member banks. The capital will be deployed by KeyState in collaboration with an Illinois-based solar development partner to build 8-10 community solar projects throughout Illinois in 2024. These projects will primarily benefit low-to-moderate income (LMI) households in Illinois, reducing their annual electric bills by approximately 20-30%.
"We are excited to work with the Illinois Bankers Association and its member banks to finance this portfolio of community solar projects that will primarily benefit LMI households by providing them with renewable energy at a significant discount to their current energy bills," said Josh Miller, CEO of KeyState.
IBBS’ Board of Directors unanimously approved IBBS to proceed with the launch of the IBA|SOLCAP 2024 LMI Solar Tax Credit Fund.
"The IBA is pleased to partner with KeyState on this innovative investment opportunity for Illinois banks,” said Callan Stapleton, EVP & President of Business & Education Services, Illinois Bankers Association. “We look forward to bringing this Illinois-based Fund to our member banks, as they continue to seek ways to further make a difference in their communities.”
The IBA|SOLCAP 2024 LMI Solar Tax Credit Fund will provide member banks with a vehicle to make meaningful and sustainable investments into the communities, reducing the cost of energy for the state's most vulnerable populations.
For more information about the IBA|SOLCAP 2024 LMI Solar Tax Credit Fund, please contact Callan Stapleton at 217.789.9340 | cstapleton@illinois.bank or Sanford Fleck at 502.419.0621 | sfleck@key-state.com.