Corvias Infrastructure Solutions Announces Goldman Sachs Asset Management Funding for Green Stormwater Infrastructure
LARGO, MD., August 4, 2021 / PRNewswire / – Corvias Infrastructure Solutions, a Leader in Public Infrastructure Development and Program Management, today announced it has entered into with Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs) for a new facility credit of up to $ 75 million to fund vital municipal stormwater and green infrastructure programs. With $ 10.4 million committed, this funding will be used for the development of sustainable stormwater management infrastructure in the Milwaukee metropolitan area of Wisconsin.
Through Corvias Infrastructure Solutions’ Community Partnership (CBP) with the Milwaukee Metropolitan Sewerage District (MMSD), this stormwater infrastructure investment will increase the capacity to mitigate 8.5 million gallons of stormwater runoff, reduce localized flooding, sewer overflows and further respond to the environmental and health impacts of climate change by bringing communities into compliance with the EPA’s Clean Water Act, turning precipitation from a hazard to a resource. The community partnership will implement the majority of projects in low to moderate income areas and enable a significant number of local and disadvantaged small businesses to implement ecological improvements to stormwater infrastructure.
“This credit facility will enable the accelerated implementation of green stormwater infrastructure, giving Corvias Infrastructure Solutions the ability to implement projects immediately in communities such as the greater Milwaukee area,” said the senior vice president of Corvias Infrastructure Solutions Shawn kerachsky. “Thanks to Goldman Sachs’ vision, this funding will not only reduce cost risks for communities experiencing flooding and stormwater runoff, but it will also provide our partners with faster delivery of key projects. “
“Climate change is having a tangible impact on underserved areas, especially with increasing flooding causing pollution from sewer overflows”, noted Marguerite Anadu, Global Head of Sustainability and Impact for Goldman Sachs Asset Management. “We’re excited to partner with Corvias to help solve this problem by developing the sustainable infrastructure solutions needed to create more environmentally and economically resilient neighborhoods. Doing so alongside a predominantly diverse set of contractors will ensure that these efforts are truly inclusive in both impact and execution. “
Every year, chronic flooding causes an estimated 10,000 billion gallons of untreated stormwater that pollutes America’s waterways, creating billions of dollars in municipal damage, with the heaviest burden often on underfunded communities. . Corvias Infrastructure Solutions’ approach to delivering green infrastructure includes innovative solutions that mimic natural hydrological processes by harnessing elements such as soil and plants to capture, filter and reduce flood 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 the construction by Corvias Infrastructure Solutions of similar environmentally friendly stormwater infrastructure in partnership with municipalities across the country. All programs funded by the facility will target 50% participation of small businesses, minorities or women. Corvias currently has more than $ 250 million additional projects in its pipeline in the short term.
About Corvias Infrastructure Solutions
Corvias Infrastructure Solutions (CIS), a wholly owned subsidiary of Corvias, is a leader in public infrastructure development and program management. CIS brings together expert delivery partners to deliver infrastructure improvements that support regulatory compliance requirements as well as environmental, social and economic benefits through cost-effective and innovative approaches that mitigate risk for its customers. CIS combines innovative design with access to financing, construction and long-term program management, helping municipalities, utilities, school districts, landowners and other institutions solve their problems of most complex infrastructure. Taking a community-based approach, CIS has overseen the implementation of over $ 450 million in water infrastructure projects in the Mid-Atlantic, Great Lakes and West Coast regions, delivering large-scale programs that provide access to opportunities for disadvantaged local small businesses and environmental literacy for community members. Corvias is one of the leading developers of P3 infrastructure and real estate projects in the United States, expanding over more than 10 billion dollars real estate and infrastructure in partnership with higher education and government institutions nationwide.
About Goldman Sachs Asset Management Urban Investment Group (UIG)
Bringing together traditional and alternative investments, Goldman Sachs Asset Management offers its clients around the world a dedicated partnership focused on long-term performance. As the primary investment area within Goldman Sachs (NYSE: GS), we provide investment and advisory services to the world’s leading institutions, financial advisors and individuals, leveraging our deeply connected global network. and tailor-made expert knowledge in all regions and markets. more … than 2,000 billion dollars in assets under surveillance worldwide March 31, 2021. Driven by the passion for our clients’ performance, we seek to build long-term relationships based on conviction, lasting results and shared success over time. Goldman Sachs Asset Management invests in the full range of alternatives, including private equity, development capital, private credit, real estate and infrastructure. Founded in 2001, Urban Investment Group within Goldman Sachs Asset Management is committed to 10 billion dollars through real estate projects, social enterprises and loan facilities for small businesses and students, creating economic value and opportunities for underserved communities and families. follow us on LinkedIn.
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SOURCE Corvias Infrastructure Solutions