New Columbia Solar has constructed a $75M fund devoted to Washington, DC solar initiatives
New Columbia Solar (NCS) has signed its second tax participation agreement with Franklin Park Infrastructure and a credit facility from Amalgamated Bank and Live Oak Bank. The new financing, along with NCS ‘own investment in the portfolio, will include a $ 75 million portfolio of DC-based solar projects and add approximately 50 projects to NCS’ existing operating portfolio of over 150 solar projects under management.
With this new capital increase, NCS is on track to meet its goal of deploying $ 120 million in the local solar market in 2020 and 2021. This will help contain climate change, create local jobs, and cut utility bills for thousands of DC residents and businesses in the process. The new tax-sharing and debt facilities will directly help develop additional rooftop, carport and floor solar projects by generating clean electricity that powers nearly 2,000 households and offsetting more than 10 tons of carbon emissions annually for the next 20 years.
New Columbia Solar expects to add an additional 10 to 20 employees this year, adding to the current 60 employees in the region. In addition, this fund, when combined with NCS’s proprietary software product and toolsets, is a critical element in enabling the company to continue to push the boundaries of the untapped commercial and industrial solar market.
“With this funding, NCS can further improve the city’s clean energy supply, upgrade the city’s electrical network, repair and replace roofs, and improve access to solar energy for residents and businesses across the district,” said Mike Healy, CEO and co-founder of NCS noticed. “Our partnership with Franklin Park, Amalgamated Bank, and Live Oak Bank gives us capital structured for the unique needs of the commercial and industrial solar space and a way to grow our presence in Washington, DC.”
“Live Oak Bank is proud to support the solar development that NCS is leading in the DC region,” said Jennifer Williams, director of renewable energy for Live Oak Bank. “Our team strives to help project developers expand their solar portfolio and ultimately have a positive impact on the local economy and climate change.”