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Impact investing pioneers partner up
Investment Executive | James Langton | November 7, 2019
Vancity Community Investment Bank to acquire CoPower investment platform
Toronto-based Vancity Community Investment Bank (VCIB), a subsidiary of Vancouver City Savings Credit Union, will bolster the bank’s impact investing capabilities by buying Montreal-based green investment platform CoPower Inc., VCIB announced Thursday.
The transaction brings together a bank devoted to financing affordable housing with a platform that finances environmentally friendly projects through green bonds that are available to retail investors. Financial terms of the deal were not disclosed.
VCIB says that the deal will enable it to expand its loan offerings to include clean energy and green building initiatives. At the same time, CoPower’s focus on creating impact investment products for retail investors will enable new funding sources for the bank.
“Our mission has always been to move money for the clean energy transition. As a subsidiary of VCIB, we’ll be able to better serve the needs of clean energy developers while delivering a powerful range of investment products for investors looking to earn a strong return, and supporting projects that are green, inclusive and affordable,” said David Berliner, founder of CoPower, in a statement.
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The deal, which has been approved by the Autorité des marches financiers (AMF) and the federal Minister of Finance, is expected to close later this month.
“Climate change and housing affordability are two of the most critical challenges facing our communities, and we believe the financial industry can and should play a key role in enabling and shaping ambitious solutions,” said Jay-Ann Gilfoy, CEO of VCIB, in a statement.
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Vancity Community Investment Bank Release | Nov 7, 2019
- Acquisition will combine strengths and creates synergies in financing clean energy and social purpose real estate sectors
- This will be the first acquisition of an impact investment firm by a Canadian bank
Traditional territory of many Indigenous Nations, including the Haudenosaunee and the treaty territory of The Mississaugas of the Credit/Toronto, ON, Nov. 7, 2019 /CNW/ - Vancity Community Investment Bank (VCIB), Canada's first values-driven bank and a subsidiary of Vancouver City Savings Credit Union (Vancity), today announced plans to acquire CoPower Inc., Canada's first sustainable investment platform and a leading provider of financing to clean energy and energy efficiency projects.
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This transaction will bring together two leaders in impact finance to accelerate investment in the critical areas of affordability and climate change for communities across the country. CoPower's unique model of financing community-scale clean energy and energy efficiency projects – through Green Bonds made accessible to retail investors – positioned the company as an early leader in Canada's impact finance landscape. That experience, combined with VCIB's deep expertise in financing social purpose real estate, will now accelerate investment in affordable and sustainable communities.
"Climate change and housing affordability are two of the most critical challenges facing our communities, and we believe the financial industry can and should play a key role in enabling and shaping ambitious solutions," said Jay-Ann Gilfoy, Chief Executive Officer, Vancity Community Investment Bank. "VCIB and CoPower have been leading the way; together we will make a powerful combination, giving Canadians more opportunities to bank on change."
Bringing CoPower's team of sustainable finance experts in-house will allow VCIB to expand its loan offerings to include clean energy and other green building initiatives. In addition, CoPower's online investment platform and unique focus on creating impact investment products for the retail market will provide capacity to unlock new funding sources for the bank.
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