New Columbia Solar and Amalgamated Bank announced plans to front-load costs for $25 million in financing dedicated specifically for the District of Columbia’s unique solar market. Amalgamated Bank’s investment serves as the anchor investment for a $50 million fund New Columbia Solar raised specifically to invest in District solar projects located on commercial, industrial, multi-family, non-profit and faith-based properties across Washington, D.C.
The partnership will help fund over 100 solar projects throughout the city, including low-income commercial buildings, churches and small businesses.
The companies are proud to have achieved a closing on this the facility, which is the largest debt financing ever completed to support solar projects in Washington, D.C.
“This financing cements NCS and Amalgamated’s place as preeminent supporters of solar energy in Washington, D.C.,” said Mike Healy, CEO and co-founder of NCS. “With Amalgamated, NCS has found an essential partner to help the District of Columbia achieve its goal of being one of the greenest cities in the country and a leader in the clean energy revolution.”
“The District of Columbia has been a national leader in bringing solar to market and to ensuring that it is done in a just and equitable way,” said Ivan Frishberg, first VP. “In fulfilling our mission as America’s socially responsible bank, Amalgamated is proud to leverage our capital and expertise in support of New Columbia Solar and the many communities beneficiaries.”
New Columbia Solar was represented by Daniel Vandergriff of Blanco Tackabery PLC. Amalgamated was represented by Jordan Dansby of Clean Energy Counsel PLC.
News item from New Columbia Solar