The Climate Catalytic Capital (C3) Fund
The Climate Catalytic Capital (C3) Fund was established with the passage of the Climate Solutions Now Act (CSNA) of 2022 to increase implementation of clean energy measures and technologies intended to reduce greenhouse gas emissions and mitigate the effects of climate change. An allocation of $15M over three fiscal years was committed to the C3 Fund beginning in FY24, with a minimum of 40% of the Fund’s investments assisting low-income households and communities throughout the Maryland (“State”). In addition, the recently concluded budget session approved a further $23.75M for the C3 Fund, which will become available in future cycles.
Intake Process: What’s Changed
MCEC has updated how applicants engage with the C3 Fund for the current round. Applications in this cohort will be accepted through discrete investment windows, each purpose-built around a specific financial product designed for targeted clean energy technologies and project types. This approach allows MCEC to tailor financing terms, eligibility criteria, and underwriting standards to the distinct needs of each investment opportunity, ensuring that public funds are deployed efficiently and with maximum impact.
Windows open and close on a rolling basis as capital is available and program priorities evolve. This approach applies to the current round only. Future rounds may use different intake methods, and MCEC may also deploy C3 Fund capital through other pathways, as explained in the C3 Fund Investment Guidelines.
C3 Fund Applications Are Currently CLOSED
Below are the three investment windows offered through the C3 Fund. Click any to learn more, or check out our informational webinar, presentation, and C3 FAQ page.
C3 Fund Investment Oversight Committee
An Investment Oversight Committee (IOC), appointed by the Maryland Clean Energy Center Board of Directors, will manage the fund. The IOC will determine fund use and distribution using approved Guidelines and may engage contracts for service as needed. Meetings of the IOC are currently scheduled bi-monthly and are held in accordance with Maryland Open Meetings Act regulations.