PHILADELPHIA—On Tuesday, May 25, 2021, from 4:30 to 5:00, the fourth program in the “Financing Philadelphia’s Future with Councilmember Derek Green” series will be presented by the Philadelphia Public Banking Coalition. The general public is invited to participate in this program, moderated by Vanessa Lowe, on Zoom https://us02web.zoom.us/j/85835928783 and live- streamed on the Facebook and Instagram accounts of Councilmember Green and Philadelphia Neighborhood Networks. Participants are asked to register here: https://actionnetwork.org/forms/philadelphia-public-bank-coalition-presents-financing-philadelphias-future-with-derek-green?source=direct_link&.
Maryrose Myrtetus, Executive Director of the recently established Philadelphia Green Capital Corp. (PGCC), will be our guest. The PGCC is the “green bank” affiliate of the Philadelphia Energy Authority (PEA – https://philaen- ergy.org). In support of the PEA, the PGCC mission is to drive a robust and equitable market for clean energy efficiency, storage, and generation in Philadelphia by connecting projects to public, private and philanthropic capital. PGCC will use proven green bank tools to unlock capital for clean energy projects and will bring new financial products to the Philadelphia region’s clean energy economy.
Prior to launching the PGCC, Myrtetus developed and managed the PEA’s Commercial Property-Assessed Clean Energy (C-PACE) program (See https://philadelphiac- pace.org), which facilitates the financing for energy efficiency, water conservation, and clean energy projects. The PGCC will help bring to scale such financial innovations as the C-PACE program.
Myrtetus has a background in renewable energy project finance, corporate strategy, government, and public policy. She has led transactions to acquire new solar, wind, and fuel cell, and district energy assets. Following an internship with Vice president Biden’s domestic policy team during the Obama Administration, she served as Assistant to the Chief of Staff for the Office of U.S. Senator Tom Carper (D-DE). She holds an MBA from the Yale School of Man- agement and a BA from Vassar College.
Green and Myrtetus will discuss the ways the PGCC and the prospective Philadelphia Public Banking Authority (PPBA) can work together. The two entities are aligned in their intentions to provide financing for the public benefit by nurturing the local lending ecosystem and filling gaps in credit availability, although the PGCC is more narrowly focused than the PPBA. Both entities will offer credit enhancement, use alternative underwriting methods, and facilitate partnerships. The PGCC is an innovative finance platform following the “green bank” model from other states and cities, while the PPBA intends to become a City Depository Institution, so the future relationship will be symbiotic, with PGCC able to engage PPBA for both depository and borrowing services.
Councilmember Green introduced Bill #210005 on January 28, 2021, to authorize the organization of the Philadelphia Public Banking Authority. This Bill is currently before the City Council Finance Committee.
Previous Financing Philadelphia’s Future programs can be viewed from the Coalition’s website https://philapub- licbanking.org/?page_id=249.
