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Corvias Infrastructure Solutions Announces Financing From Goldman Sachs Asset Management For Green Stormwater Infrastructure


News provided by

Corvias Infrastructure Solutions

Aug 04, 2021, 10:30 ET

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LARGO, Md., Aug. 4, 2021 /PRNewswire/ -- Corvias Infrastructure Solutions, a leader in public infrastructure development and program management, today 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 stormwater and green infrastructure programs. With $10.4 million committed, this financing will be used 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, 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," said Corvias Infrastructure Solutions Senior Vice President Shawn Kerachsky. "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," said Margaret Anadu, global head of sustainability and impact for Goldman Sachs Asset Management. "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 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 stormwater 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.

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 aggregates expert delivery partners to carry out infrastructure improvements that support regulatory compliance requirements as well as environmental, social and economic benefits through cost-effective, innovative approaches that mitigate risk for its clients. CIS combines innovative design with access to financing, construction and long-term program management, helping municipalities, utilities, school districts, property owners and other institutions solve their most complex infrastructure challenges. Taking a community-based approach, CIS has overseen the implementation of more than $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 local, small disadvantaged businesses and environmental literacy for members of the community. Corvias is a leading developer of P3 infrastructure and real estate projects across the U.S., developing over $10 billion of real estate and infrastructure in partnerships with higher education and government institutions nationwide.

About the Goldman Sachs Asset Management Urban Investment Group (UIG)
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2021. Driven by a passion for our clients' performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure.  Established in 2001, the Urban Investment Group within Goldman Sachs Asset Management has committed over $10 billion through real estate projects, social enterprises and lending facilities for small businesses and students, creating economic value and opportunities for underserved communities and families. Follow us on LinkedIn.

Media contact:
Michael Giardina
[email protected]

SOURCE Corvias Infrastructure Solutions

Related Links

www.corvias.com

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