For Immediate Release
July 14, 2016
The Flexible Capital Fund announces the addition of Encore Renewable Energy to their socially responsible investment portfolio. The $400,000 of permanent working capital will enable Encore to hire new staff to support business development, engineering, and project management as they expand geographically, strengthen strategic environmental partnerships, and further develop financing partnerships at a critical growth juncture.
“We are thrilled to be able to count the Flexible Capital Fund as an investor in Encore as they are exactly the type of capital partner we are looking to work with given their commitment to the clean energy economy, environmental issues, and the creation of high quality jobs in our home state of Vermont,” said Encore President, Chad Farrell.
The Flexible Capital Fund (Flex Fund) is a mission-driven lender that invests in growing Vermont companies who are on the forefront of building new markets that contribute to the current and future environmental, social, and economic health of Vermont and the region.
“Encore has demonstrated leadership in the commercial and community-scale solar industry and are helping drive us towards a more sustainable, clean energy economy,” said Janice St. Onge, Flex Fund President. “As a recent Certified B Corporation®, Encore has deep commitment to the mission of doing business better—a central tenet of being a Flex Fund portfolio company.”
As a Certified B Corporation®, Encore is among more than 1,700 leading businesses in 50 countries that have met rigorous standards of social and environmental performance, accountability, and transparency.
“Flex Fund financing compliments our internal cash flow generation very well, during a period of exceptional growth at Encore. The proceeds will be used to accelerate the development of our project pipeline, both in Vermont as well as a number of other states in the Eastern U.S., and further build our team,” said Encore CFO Blake Sturcke. “The Fund’s royalty financing structure also worked very well within our capital structure, as it provided equity-like capital with a lower cost of capital without changes to ownership.”
The Flexible Capital Fund, L3C provides flexible risk capital in the form of subordinated debt and royalty financing to Vermont growth-stage companies in sustainable agriculture, food systems, forest products, renewable energy, and other natural resource sectors. The Flex Fund seeks a fair return on its financial investment, while being equally focused on the social and environmental impact borrowers have in building healthy food systems, re-localizing energy resources, and creating resilient communities. The Flex Fund is managed by the Vermont Sustainable Jobs Fund, a non-profit responsible for developing Vermont’s sustainable agriculture, renewable energy, and forest product businesses.
Encore Renewable Energy is a Burlington, Vermont-based clean energy development company focusing on commercial, industrial and community-scale solar PV systems and 21st century solutions for underutilized property. Founded in 2007 as Encore Redevelopment, it specializes in the design, development, financing, permitting, and construction of renewable energy projects.