Organization: Midwest Renewable Capital, LLC (MRC)

Award: Midwest Renewable Capital received a $40 million allocation in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.

Background:

• Mission: MRC is dedicated to promoting renewable energy projects and “green” real estate developments across the Midwest, with a particular focus on underserved rural areas. The organization aims to leverage NMTCs to spur economic growth and job creation in these communities.
• Leadership: Founded by Scott Mikkelsen, who has a strong background in business organizations, renewable energy, and economic development law, MRC has been instrumental in securing funding commitments from private investors to support qualifying economic development projects.

Impact:

• Previous Investments: MRC has successfully leveraged NMTC allocations to fund a variety of projects, including renewable energy installations and sustainable real estate developments. These projects have created significant economic and environmental benefits for the communities they serve.
• Economic Growth: The NMTC allocations have helped attract private-sector capital, resulting in over $14 billion in leveraged private investment since the program’s inception.

Project Focus:

1. Renewable Energy Projects: The $40 million NMTC allocation will be used to finance the development and expansion of renewable energy projects, including wind farms and solar installations. These projects aim to provide sustainable energy solutions and reduce carbon emissions.
2. Green Real Estate Development: Investments will also focus on the redevelopment of underutilized and brownfield sites into productive, environmentally-friendly real estate projects. This includes commercial and residential properties designed to meet high sustainability standards.
3. Support for Rural Communities: MRC is particularly focused on supporting rural areas that have traditionally been underserved by major investment initiatives. The projects will create jobs, enhance local infrastructure, and improve the overall quality of life for residents in these communities.

Significance: The NMTC allocation allows MRC to attract private investment to critical projects that might not otherwise receive funding. These investments are crucial for revitalizing economically distressed areas, promoting sustainable development, and improving the quality of life for residents in Grimes, IA, and across the Midwest.