About Forbright Bank and Forbright Inc.
The holding company for Forbright Bank is called Forbright Inc. Forbright Bank (www forbrightbank com), a full-service bank, commercial lender, and asset manager with its headquarters in Chevy Chase, Maryland, is dedicated to accelerating the transition to a sustainable, clean energy economy by funding the businesses, investors, and innovators fueling that change. Forbright Bank is a member of the FDIC and an equal housing lender. The bank offers specialist lending and banking services to customers across the United States and has roughly $9 billion in owned and managed assets.
A bank for a more promising future
In Washington, D.C. The DC PACE Program and Forbright Bank are pleased to announce the successful funding of three additional solar projects to increase Wards 2 and 3 buildings' energy efficiency and access to renewable energy. The combined initiatives will result in annual energy savings of around 400,000 kWh and save greenhouse gas emissions equal to avoiding the combustion of roughly 313,000 pounds of coal. According to Ronald Hobson, the DC PACE Program Manager, "The PACE Program plays a key role in defining the future of DC, and this financing is another important step towards a cleaner, greener, and more egalitarian city." We eagerly anticipate the continued collaboration between the PACE programme and Forbright Bank. It indicates that there is a road to a future where all capital investments are green investments." The DC Property Assessed Clean Energy (PACE) programme provides a unique financing choice for energy-efficient renovations like new windows or HVAC units, renewable energy projects like solar, and conservation initiatives like green roofs and water usage systems.
Since its initial contract concluded in 2013, the DC PACE Program has enabled loans totaling about $95 million, with more than $38 million of that total unlocking only since DC Green Bank took over as the programme administrator in October 2021. According to David Kelly, Director of Forbright's CPACE Lending Division, we are pleased to take part in the DC PACE Program and provide funding for projects all across the District. Forbright's sustainable objectives are in line with those of the PACE Program, and we are eager to keep promoting green building improvements that help the environment as well as offer long-term cost benefits to DC companies and communities.
Most recent DC PACE loans from Forbright Bank:
NW Massachusetts Avenue 2122
For an eight-story midrise residential building in Ward 2, there is a $884,345 PACE loan. A yearly power savings of 170,000 kWH will result from the project.
NW 2501, Q Street
A PACE loan of $361,247 has been approved for a four-story multi-family structure in Ward 2. The project will result in yearly power consumption savings of 138,000 kWH, or 226 barrels of oil's worth of greenhouse gas emissions.
Wisconsin Avenue, NW, 3130
In Ward 3, a 9-story midrise apartment building received a $655,292 PACE loan. The project will result in yearly power savings of 90,000 kWH, or 70,000 pounds of coal's worth of greenhouse gas emissions.
Regarding Forbright Bank
Full-service bank Forbright Bank, a member of the FDIC and a fair housing lender, is taking steps to decarbonize the economy (www.forbrightbank.com). Forbright, a financial services company with headquarters in Chevy Chase, Maryland, is dedicated to accelerating the shift to a sustainable, clean energy economy by providing funding to the businesses, investors, and innovators fueling that change. The seventh American bank to ratify the United Nations Guidelines for Responsible Banking was Forbright. Forbright has promised that by 2025, more than half of its portfolio will be allocated to renewable energy and sustainable business ventures. Forbright, Inc.'s Green Bond recently prevented the emission of an estimated 12,000 metric tonnes of carbon equivalent annually.
Our Goal
The idea that ethical banking benefits customers, businesses, and society as a whole serves as our compass. We have committed to allocating half of our portfolio towards funding sustainable and renewable energy projects by 2025, as the need to develop a more sustainable, low-carbon economic system becomes more pressing. By enabling individuals to actively fund clean energy and sustainability-focused loans through decarbonization linked deposit products, we enable them to play a crucial part in advancing the energy transition.
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