Vancity to acquire leading fintech platform
Vancity Community Investment Bank’s planned purchase of CoPower Inc. will connect green bonds, clean energy investing with sustainable, affordable communities
November 7, 2019, Unceded territories of Musqueam, Squamish and Tsleil-Waututh Nations/Vancouver, B.C. — Vancity announced today that its federally-chartered banking subsidiary, Vancity Community Investment Bank (VCIB), has agreed to acquire Toronto-based CoPower Inc., Canada’s first sustainable investment platform and a leading provider of financing to clean energy and energy efficiency projects.
CoPower offers individual investors the opportunity to purchase green bonds at an accessible entry point, giving people the power to be part of the financing for community-scale clean energy and energy efficiency projects.
That experience, combined with VCIB’s deep expertise in financing social purpose real estate, will accelerate investment in affordable and sustainable communities, giving Vancity members and other potential investors more opportunities to make positive impact with their investment dollars, earning a good return and supporting key priorities such as the fight against climate change.
“Today’s announcement will bring together two leading organizations working to create a more sustainable future through technological innovation and investment,” says Vancity President and CEO Tamara Vrooman. “Having 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.”
To date, CoPower has raised more than $30 million for clean energy and energy efficiency projects that have avoided more than 12,000 tonnes of CO2e emissions--the equivalent of 2,548 cars taken off the road for one year.
“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 big solutions. VCIB and CoPower have been leading the way; together we will make a powerful combination, giving Canadians more opportunities to bank on change,” says Jay-Ann Gilfoy, Chief Executive Officer, Vancity Community Investment Bank.
“We’re thrilled to be joining VCIB,” said David Berliner, Founder, CoPower. “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 make a strong return while supporting projects that are green, inclusive and affordable.”
This acquisition was subject to regulatory review and has received approval from the Autorité des marches financiers and the Minister of Finance under the Bank Act. Subject to customary closing conditions, the acquisition is expected to close later this month. CoPower’s management team will continue to run the existing Green Bond portfolio, as well as future clean energy lines of business as a subsidiary of VCIB.
The announcement comes on #BankingOnValuesDay, an international initiative of the Global Alliance for Banking on Values (GABV). The 55-member network uses finance to deliver sustainable economic, social and environmental development, with a focus on helping individuals fulfil their potential and build stronger communities. Vancity is a proud GABV member.
Additional information: Vancity’s leadership in environmental sustainability
About Vancity
Vancity is a values-based financial co-operative serving the needs of its more than 534,000 member-owners and their communities in the unceded territories of the Coast Salish and Kwakwaka’wakw people, with 59 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. With $27.4 billion in assets plus assets under administration, Vancity is Canada’s largest community credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
About VCIB
VCIB is an Ontario-based schedule 1 national chartered bank, and a fully-owned subsidiary of Vancity. As Canada’s first values-driven bank, VCIB is committed to partnering exclusively with organizations that are focused on driving positive social, environmental and economic change. The bank’s first focus is on lending for social purpose real estate (affordable housing, co-op housing, co-working spaces, green and heritage buildings), as well as meeting the deposit needs of not-for-profit organizations, foundations and endowments. As we grow and lean into digital technologies, we will be able to provide broader banking services to organizations that are doing good for the world. For more information, visit https://vancitycommunityinvestmentbank.ca/.
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For more information:
Media Relations | Vancity
T: 778-837-0394
mediarelations@vancity.com