(May 14, 2019) - The P3Great Lakes Initiative is seeking municipalities from the Great Lakes basin states—Minnesota, Wisconsin, Illinois, Indiana, Michigan, Ohio Pennsylvania and New York—to finance green stormwater infrastructure via an Environmental Impact Bond (EIB).
According to P3Great Lakes, the EIB is a financing tool that uses a “Pay for Success” approach to provide up-front capital from private investors for environmental projects, either to pilot a new approach whose performance is viewed as uncertain or to scale up a solution that has been tested in a pilot program. The bonds also offer:
- Access a new and growing source of capital through impact investors
- Align investor incentives around social, economic and environmental outcomes
- Transfer performance risk of innovative projects to investors
- Showcase innovative cities and their projects
- Build an evidence base to inform future planning decisions
The selection process for EIB funding will be through Request for Statement of Interest (RSI) proposals, which are due by May 31. For more information, or help with creating proposals, interested members are encouraged to contact Quantified Ventures, a P3GreatLakes partner.
About the P3GreatLakes Initiative
P3GreatLakes Initiative is supported through grant funding from the Great Lakes Protection Fund and is led by Environmental Consulting & Technology, Inc. (ECT). Team partners include Corvias, Quantified Ventures, and Encourage Capital. In addition, the team includes Storm & Stream Solutions, LLC, and Greenleaf Advisors LLC, in advisory roles.
P3GreatLakes seeks to reduce overall delivery costs to large-scale stormwater management programs while, when needed, also providing new capital for innovative green infrastructure projects, both accomplished while lowering cost risk to the public partner.