In an effort to bring more clean power to local communities, the New Jersey Bankers Association announced a partnership with KeyState Renewables through its for-profit subsidiary, NJBankers Businesses Services.

The initiative calls for a capital raise of up to $100 million in solar tax equity capital from NJBankers member banks. KeyState’s tax equity platform, SOLCAP, will deploy the funds to finance more than 75 community solar projects across New Jersey in 2024 and 2025.

The output will benefit low-to-moderate income households, resulting in the reduction of annual electric bills by at least 15%, according to the announcement.

The NJBankers Business Services board of directors approved the partnership March 22.

In a press release, NJBankers CEO Mike Affuso noted legislation enacted earlier this year that expanded the state’s Community Solar Energy Program. “Making clean energy more available to every New Jersey family, no matter where they live.

“NJBankers and our member banks are eager to work with KeyState Renewables to advance New Jersey’s role as a leader in expanding access to clean energy to all New Jersey households,” Affuso said.

KeyState CEO Josh Miller said his organization launched its SOLCAP solar tax equity platform five years ago in response to growing interest from community banks nationwide to finance the transition toward a greener economy – stressing KeyState’s excitement about working with NJBankers and its member banks on this effort.

“Partnering with NJBankers is an ideal way for us to aggregate New Jersey community banks’ investments and finance a portfolio of community solar projects in their state,” said Miller.

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The New Jersey Bankers Association’s 13th Annual Economic Leadership Forum featured networking opportunities, keynote speeches, panel discussions, breakout workshops and much more. Click here to read what was covered.