This investment in storm water infrastructure will provide increased capacity to mitigate 8.5 million gallons of storm water runoff
Corvias Infrastructure Solutions, a leader in public infrastructure development and program management, announced its closing with the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs) for a new credit facility of up to $75 million to finance vital municipal storm water and green infrastructure programs.
With $10.4 million committed, this financing will be used for the development of sustainable storm water infrastructure in the Milwaukee metropolitan region of Wisconsin, according to the press release.
Through Corvias Infrastructure Solutions' community-based partnership (CBP) with the Milwaukee Metropolitan Sewerage District (MMSD), this investment in storm water infrastructure will provide increased capacity to mitigate 8.5 million gallons of storm water runoff, reduce localized flooding, sewer overflows and further address the environmental and health impacts of climate change by bringing communities into compliance with the EPA Clean Water Act, transforming rainfall from a risk to a resource.
The community-based partnership will implement the majority of projects in low-to-moderate income areas and empower a significant amount of small, local and disadvantaged businesses to implement green storm water infrastructure improvements.
"This credit facility will allow for the accelerated implementation of green storm water infrastructure, providing Corvias Infrastructure Solutions the ability to implement projects immediately in communities such as the greater Milwaukee area," said Corvias Infrastructure Solutions Senior Vice President Shawn Kerachsky in the press release. "Thanks to the vision of Goldman Sachs, this financing will not only reduce cost risk for communities plagued by flooding and storm water runoff, but it will also provide our partners with faster delivery of key projects."
"Climate change has a tangible impact on underserved areas, especially with increased flooding causing pollution from sewer overflows," said Margaret Anadu, global head of sustainability and impact for Goldman Sachs Asset Management in the press release. "We are excited to partner with Corvias to help address this by developing sustainable infrastructure solutions needed to create more environmentally and economically resilient neighborhoods. Doing so alongside a majority-diverse set of subcontractors will ensure that these efforts are truly inclusive both in their impact and execution."
Each year, chronic flooding causes an estimated 10 trillion gallons of untreated storm water runoff to pollute U.S. waterways, creating billions of dollars in municipal damage with the heaviest burden often falling on under-resourced communities. Corvias Infrastructure Solutions' approach to green infrastructure implementation includes innovative solutions that mimics natural hydrological processes by leveraging elements such as soil and plants to capture, filter and reduce flooding and runoff. The systems also ensure equitable access to potable water by preventing unwanted pollutants from entering the water supply during storms.
The commitment is the first installment of a new facility of up to $75 million to finance Corvias Infrastructure Solutions' construction of similar eco-friendly storm water infrastructure in partnership with municipalities across the country. All programs financed by the facility will target 50% small, minority or women-owned business participation. Corvias currently has over $250 million of additional projects in its near-term pipeline, added the press release.