Church Pension Invests $40 Million in Clean Energy Projects

The Church Pension Fund (CPF), a financial services organization that serves the Episcopal Church, has invested $40 million in the New Energy Capital Infrastructure Credit Fund II, LP, which will invest across clean energy infrastructure assets in North America, including solar, wind, energy efficiency, storage, and water.

The fund is managed by New Energy Capital Partners, LLC (NEC), an alternative asset management firm that invests across the capital structures of small and mid-sized clean energy infrastructure projects and companies.

“This investment will support the development and operation of clean energy infrastructure assets throughout North America,” Roger Sayler, CIO of the Church Pension Fund, said in a release. “We look forward to building our relationship with NEC as we continue to explore future impact investments that meet our goal of generating attractive returns with positive social impact.”

The investment adds to the pension fund’s prior “socially responsible” investments, which include Avanath Capital Management, Bridges Fund Management, Cheyne Capital Management, Developing World Markets, Shorenstein, Social Investment Managers & Advisors, and SilverStreet Capital.

The CPF said its socially responsible investing include investments that offer attractive risk-adjusted returns and also have a positive social impact. The investments focus on economically targeted initiatives such as urban redevelopment, affordable housing, sustainable agriculture, and microfinance, as well as environmentally responsible programs, such as sustainable forestry, clean technology, and green buildings.

The Church Pension Group (CPG) also named Ellen Taggart as executive vice president, CFO, and treasurer. Taggart will be responsible for directing the corporate financial management of the group, overseeing its enterprise-wide project management program, managing corporate risk management, and overseeing information technology. She will report directly to CEO and President Mary Kate Wold, and replaces former CFO Dan Kasle, who retired after 17 years.

“She has been an important member of our leadership team, having led our strategic planning and project management initiatives for many years,” Wold said of Taggart in a release. “Ellen’s appointment builds on her financial management strengths and ensures a seamless transition for this role.”

Prior to her appointment, Taggart served as senior vice president, strategic planning, and project management of CPG. Before CPG, she served as a senior vice president of finance and CFO at data and analytics provider Dun & Bradstreet, where she worked for 17 years.

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