A Silicon Valley Bank office is seen in Tempe, Ariz., March 14, 2023.on Friday raises concerns over the potential impacts on the climate technology industry, where SVB was heavily involved.
Silicon Valley Bank provided financing for over 1,550 clients working on climate technology and sustainability, according to its website. As of December 2021, SVB had committed $3.2 billion to such projects. The bank also claimed to have led or participated in 62% of community solar financings, as of last March.
Kiran Bhatraju, founder and CEO of Arcadia, a tech company focused on combating climate change, expressed concern over the downfall of SVB on Twitter Saturday, writing, "What's missing from the narrative is SVB is a climate bank."innovators in decarbonization and clean energy infrastructure - financing nearly 60%+ of the community solar market - alongside companies like Sunrun, Vivint, AES, and Bloom," Bhatraju continued. "Arcadia is fine, and will be fine through this.
Sunrun, one of the solar companies banking with SVB, released a statement detailing its exposure on Friday after the bank's collapse. "Sunrun has long-standing banking relationships with a large number of financial institutions, and we remain confident in our ability to replace SVB's undrawn commitments," Powell continued. "Sunrun has always believed in strength through diversification."
Hope so