Investment Window 3: Project Feasibility Grant for Underserved Market Actors
Investment Window 3 (IW3) provides grant funding for the early-stage work that turns a clean energy concept into a project ready for financing. Many clean energy projects never reach the financing stage because feasibility analysis, engineering studies, design, financial modeling, and permitting are too expensive to fund out of pocket and too early to attract project capital. IW3 fills that gap and helps in the development of financeable clean energy projects that could be eligible for financing.
How to Apply
All applicants, developers and installers, will apply through the C3 Fund IW3 application on this page.
Who Can Apply
IW3 is open to Maryland-based or Maryland-serving organizations, including:
- Non-profit organizations
- Community-based and faith-based organizations
- Municipalities and county governments
- Public housing authorities
- School districts and Local Education Agencies
- Other public institutions and quasi-public entities
Applicants must be in good standing with the Maryland Department of Assessments and Taxation, the proposed project must benefit Maryland, and the applicant must be willing to agree to the terms and conditions of the C3 Fund.
What It Funds
funds the pre-development work that produces a clear answer about whether and how a project will move forward.
Core eligible activities include:
- Feasibility studies
- Technical and engineering analysis
- Energy modeling and load analysis
- Schematic and preliminary design
- Financial modeling and capital stack development
- Resource assessment and siting analysis
Allowable with documented justification:
- Permitting fees and environmental review
- Interconnection application and study deposits
- Legal structuring tied to entity formation and financing documentation
- Title, survey, and appraisal work tied to project structuring
IW3 does not fund:
- Construction, equipment, or installation costs
- Subscriber acquisition or marketing
- Ongoing operating expenses
- Activities that duplicate work already funded by another state or federal grant for the same scope
- Any project that installs new fossil fuel equipment or improves the efficiency of existing fossil fuel equipment
Preferred Funding Terms
General Parameters*: To ensure fairness and consistency among applicants, the C3 Fund has established general parameters for grant size, outcomes, and other key terms. These parameters are intended to guide applicants in understanding the typical structure of awards the Fund seeks to make.
- Grant size: typically $100,000 to $300,000; larger awards considered case-by-case for projects of exceptional scope or impact
- Structure: Grant
- Disbursement: milestone-based draws (typically two to four) tied to progress of objectives or outcomes
- Term: deliverables due within 12 months of grant closing
*Discretion: Requests for funding outside of these preferred parameters may still be considered, at the sole discretion of the C3 Fund Investment Oversight Committee (IOC). Such applications may require additional review and may take longer to process. If you have any questions, feel free to contact us at [email protected].
Project Requirements
IW3 funds work that comes before a project is shovel-ready, but applicants must demonstrate a credible path to getting there within a defined window after grant completion. Strong applications show:
- A clear implementation plan with identified next steps
- Demonstrated financial capacity to service debt or fund the project if feasibility is confirmed
- Site control or a credible path to site control
- Capable project leadership and technical capacity
Applications for exploratory studies without an identified project owner or implementation pathway are not eligible.
Community Impact
In order to adhere to C3 Fund’s commitment under the Maryland Climate Solutions Now Act to deploy at least 40% of fund capital to qualified projects in low- and moderate-income (LMI) communities defined as census tracts with average median income at or below 80% of the state average, applicants are encouraged to maximize benefits accruing to LMI communities as a result of C3 Funding. Applicants are requested to describe the LMI structure of the eventual project at application and are held to that structure through a recapture mechanism.