WASHINGTON, D.C. — By the terms in the Letters of Intent (LOI) signed this week, the Coalition for Green Capital (CGC) intends to use $175 million dollars of its EPA granted capital to drive more than a billion dollars of public-private investment in emissions-reducing transportation and building renovation measures.

CGC and Coventry Structured Investments (CSI) intend to drive a total of a billion dollars in clean energy deployment. CGC will make available a $100 million dollar line of credit to Coventry Structured Investments. Coventry’s current pipeline contains projects in the following states: California, Maryland, Rhode Island, and Texas to install energy efficiency and clean energy upgrades to commercial properties, which may include HVAC, lighting, solar, and water conservation measures.

CGC’s planned line of credit will be used by Coventry to finance portfolios of Commercial Property Assessed Clean Energy (C-PACE) loans which will then be refinanced in the capital markets. The line of credit can then be recycled multiple times over the life of the transaction, resulting in $1 billion of C-PACE financing that gives property owners access to low-cost, long-term, non-recourse financing for energy efficiency upgrades. This investment will result in improved air quality and environmental benefits for local communities.

Coventry, headquartered in Los Angeles, California, is a leading asset management and consulting firm specializing in niche debt and equity funding solutions, raising over $1.7 billion in capital through securitization platforms and mezzanine financing. It is also expanding its total assets under management to approximately $115 million through strategic acquisitions in the privately-rated renewable asset class. With the CGC partnership, Coventry will have up to $300 million in committed capital to deploy towards renewable opportunities. This increased liquidity of C-PACE funds will grow the availability of energy efficiency upgrades for buildings, with a significant number of these projects being deployed in low-income disadvantaged communities.

CGC and Highland Electric Fleets intend to invest approximately $250 million in total public-private investment to enable the lease or purchase of 1,300 electric vehicles. The money will be a combination of $75 million in loan from CGC, Highland equity capital, and EPA Clean School Bus Program grants and rebates to help Highland accelerate the deployment of approximately 1,300 electric vehicles, as well as charging infrastructure across multiple states including Florida, Georgia, Michigan, Missouri, North Carolina, Pennsylvania, and Texas. This support will also help bridge funds from federal tax credits and state and federal grant programs.

Headquartered in Beverly, MA, and active in 30 states and Canada, Highland Electric Fleets is the leading provider of electrification-as-a-service for school districts, governments, and fleet operators in North America. Highland is responsible for the first use of electric school buses in a commercial vehicle-to-grid (V2G) program. This investment is expected to lead to a significant reduction of 230,000 tons of CO2 emissions over the total 10-year life of the loan, with 60% of benefits reaching low-income and disadvantaged communities. By implementing V2G capabilities in certain locations, some of the electric vehicles will be able to discharge energy back to the grid for reliability when utilities need it and may also provide emergency support to buildings and community centers.

CGC received $5 billion in seed funding from the EPA’s National Clean Investment Fund (NCIF) to invest in public-private partnerships and create a network of self-sustaining green banks to accelerate the construction of a clean power platform. Today’s announcement of $1.2 billion in public-private investing demonstrates the power of collaboration, and the progress that CGC is making toward reaching its target of causing $21.1 billion in cumulative private-public investment in clean power projects within the first year of receiving funds.

CGC’s Chief Executive Officer Reed Hundt said, “These LOI’s are intended to lead to investments that will accelerate the transition from carbon to clean cheaply, quickly and inclusively, by, for and with communities. From improving air quality for students to providing capital for energy efficient upgrades to commercial properties, these projects are just the first of many to make clean, cheap power available to everyone, everywhere.”

CGC’s Chief Investment Officer Alfred Griffin said, “We’re committed to making investments that not only drive immediate change but also set the stage for long-term, scalable impact. Our goal is to create a ripple effect, where our investments lead to exponential growth in clean energy projects across the country. By unlocking more than $1.2 billion in clean energy investments, we’re not only helping communities reduce emissions and cut energy costs but also paving the way for significant job creation and sustainable economic development.”

CGC’s Senior Director of Impact and Equitable Investments William Barber III said, “These investments represent a transformative shift toward a cleaner, more equitable future for all communities. By empowering underserved populations with reliable and affordable energy, we are not only tackling the roots of climate change but also strengthening public health and creating new economic opportunities.”

CSI’s Founder and Managing Principal Rasool E. Alizadeh said, “CSI is ecstatic to partner with CGC in order to meet its public-private investment initiatives while continuing to grow and support the need for CPACE in the commercial real estate (CRE) market that has to date upgraded its properties with sustainable improvements in addition to adding intrinsic value. As the CRE marketplace continues to work through refinancings, this facility will create significant liquidity to allow projects to progress while focusing the benefits of the projects on core values to both companies.”

Highland Electric Fleets’ Chief Financial Officer Gaurav Dubey said, “With CGC’s $75 million commitment as part of a larger $250 million investment, Highland Electric Fleets is making the transition to electric fleets more accessible for municipalities nationwide. This effort is about more than reducing emissions and improving air quality; it’s about delivering meaningful benefits to the communities that need them most, including low-income and disadvantaged areas. By partnering with local community organizations, we’re not only creating cleaner, healthier transportation but also driving local job creation, supporting grid resiliency, improving public health, and building a brighter, more inclusive future for all.”

About Coalition For Green Capital:
The Coalition for Green Capital (CGC), doing business as the American Green Bank Consortium, is a 501(c)(3) chartered specifically to reduce greenhouse gas emissions and other forms of air pollution and redress climate and energy-related environmental injustice. Green banks are a proven finance model that uses public and philanthropic funds to mobilize private investment in renewable energy, energy efficiency, and other decarbonization technologies. For over a decade, the Coalition for Green Capital has led the Green Bank movement, working at the federal, state, and local levels in the U.S. and countries around the world. For more information, visit: https://coalitionforgreencapital.com.

About Coventry Structured Investments (CSI):
Coventry Structured Investments creates value for businesses and investors by crafting alternative funding solutions in esoteric situations that catalyze meaningful growth at marginal risk. We provide consulting services and alternative funding to businesses with unique or complex capital needs. To develop solutions that create growth, we immerse ourselves in our partners’ businesses. For more information, visit www.coventrysi.com or contact us at info@coventrysi.com

About Highland Electric Fleets:
Highland Electric Fleets is the leading provider of electrification-as-a-service for school districts, governments, and fleet operators in North America. Founded in 2019, Highland offers a unique suite of products that make it simple and affordable to upgrade to electric fleets today. Active in 30 states and Canada, Highland is responsible for the first use of electric school buses in a commercial vehicle-to-grid (V2G) program and the largest electric school bus project in the United States to date. To learn more, visit www.highlandfleets.com

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NEW ORLEANS, La. – A&S Transportation is pleased to share that its school district partner, New Orleans Charter Science & Mathematics High School (Sci High), has been awarded $3.1 million in grant funds by the Environmental Protection Agency’s Clean School Bus Program (CSBP) to electrify their school bus fleet. With support from electric vehicle (EV) partner, Highland Electric Fleets, and A&S Transportation, the school district will electrify their entire nine vehicle fleet to become 100% electric.

This electrification effort will be Sci High’s first big-scale venture into sustainability and marks their inauguration as a sustainability leader in their community. With this new award, A&S Transportation is also proud to tout its own position as a sustainability leader not only on a national level but also locally in NOLA where its customer service center has taken the initiative to outfit its entire roof with solar panels.

“We are excited to be among the first in our community to transition to an electrified fleet of buses,” said Monique G. Cola, Ph.D., Head of School, New Orleans Charter Science & Mathematics High School. As a STEM school, we at Sci High believe it is our responsibility to lead the effort in bringing a cleaner, GREENER option to our community. We recognize the impact that the toxic fumes of diesel fuel has on the health of our students and greater community. We see this move to EV-buses as one positive step in improving the environment in which we live. At Sci High, we want to #bethecatalyst (our theme for the school year) for positive change in our community.”

“We are delighted to add another NOLA school district partner to our roster of successful EPA grant recipients. These nine new EVs for Sci High will join the 32 that are currently in the works for Charter Schools in New Orleans from the second round of the EPA grants,” said Brian Craig, New Vehicle Director, North America, National Express. “The context of this award for Sci High is particularly exciting because it will allow the school to electrify their entire fleet and gain recognition as a new sustainability leader in their community. We are excited to embark on this new journey together with Sci High and Highland Electric Fleets to work together in creating a safer, healthier environment for our students.”

About National Express:
National Express LLC (NELLC) is the North American subsidiary of Mobico Group, one of the premier global mobility firms. We operate across 34 states and two provinces. Our organizations share a strong commitment to provide the highest level of safety, quality, outstanding customer service and positive employee relations. National Express School (NEXS) operates more than 15,590 school buses, serves more than 429 school districts and contracts in 30 states and two provinces, and transports more than 1.3 million students on a daily basis. NELLC’s headquarters is located in Lisle, Illinois. Our 290+ local customer service centers (CSCs) are supported by regional operations teams located throughout North America.

About Highland Electric Fleets:
Highland Electric Fleets is the leading provider of electrification-as-a-service for school districts, governments, and fleet operators in North America. Founded in 2019, Highland offers a unique suite of products that make it simple and affordable to upgrade to electric fleets today. Active in 30 states and Canada, Highland is responsible for the first use of electric school buses in a commercial vehicle-to-grid (V2G) program and the largest electric school bus project in the United States to date. To learn more, visit www.highlandfleets.com.

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