Corvias Infrastructure Solutions, a public infrastructure development and program manager, closed a credit facility of up to $75 million with the urban investment group within Goldman Sachs Asset Management to finance municipal stormwater and green infrastructure programs. With $10.4 million committed, Corvias Infrastructure Solutions will use this financing for the development of sustainable stormwater infrastructure in the Milwaukee metropolitan region of Wisconsin.
Through Corvias Infrastructure Solutions’ community-based partnership (CBP) with the Milwaukee Metropolitan Sewerage District (MMSD), this investment in stormwater infrastructure will provide increased capacity to mitigate 8.5 million gallons of stormwater runoff, reduce localized flooding and 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 stormwater infrastructure improvements.
“This credit facility will allow for the accelerated implementation of green stormwater infrastructure, providing Corvias Infrastructure Solutions the ability to implement projects immediately in communities such as the greater Milwaukee area,” Shawn Kerachsky, senior vice president at Corvias Infrastructure Solutions, said. “Thanks to the vision of Goldman Sachs, this financing will not only reduce cost risk for communities plagued by flooding and stormwater 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,” Margaret Anadu, global head of sustainability and impact for Goldman Sachs Asset Management, said. “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 stormwater 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 solutions that mimic 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.
This commitment is the first installment of a facility of up to $75 million to finance Corvias Infrastructure Solutions’ construction of similar eco-friendly stormwater infrastructure in partnership with municipalities across the U.S. All programs financed by the facility will target 50% small, minority or women-owned business participation. Corvias Infrastructure Solutions currently has more than $250 million of additional projects in its near-term pipeline.
