Author: Gary Decker

DC Green Bank and Uprise Electric Company today announced the closing of a more than $530,000 deal to accelerate the deployment of community solar across the District. The loan agreements will deliver funds for the construction of approximately 75 kW of capacity across 15 residential projects. In addition to the funds allocated for the construction of existing projects in the company’s pipeline, the deal also includes hundreds of thousands of dollars as part of a revolving credit facility to make financing available for the development and deployment of up to an envisioned 75 kW of additional community solar as well. The initial 15 sites are part of Solar for All, a program of the District’s Department of Energy and Environment (DOEE) and administered by the DC Sustainable Energy Utility that works with local solar contractors to expand the deployment of community solar and cut electricity costs for income-qualified residents by as much as 50%. The initial 15 projects are expected to create up to 13 clean economy jobs, generate more than 90 MWh of renewable energy, and avoid approximately 64 tons of CO2 equivalent annually – eliminating a comparable amount of emissions each year to an average passenger vehicle driving more than 160,000 miles.

This is the third year in a row that DC Green Bank has provided financing to a DC-based solar developer to deliver community solar projects through the Solar for All program. Eli Hopson, CEO of DC Green Bank, said of the deal, “We are excited to work with Uprise Electric to expand access to solar and strengthen the clean economy right here in the District. By continuing to invest in projects that are part of the city’s Solar for All program, we are demonstrating our commitment to ensuring that LMI families are prioritized in our accelerated transition to a clean energy future. We know that this investment model works, and we are looking forward to building additional partnerships with private lenders to replicate this success and unlock a large influx of capital into the city’s solar market.”

Uprise Electric is looking to scale up their operations and the deployment of solar across the city. Accessing affordable financing alongside Solar for All funding will allow Uprise to take a major step in that direction, and the revolving credit facility will incentivize the expansion of the company’s solar footprint and provide the company the flexibility needed to pursue multiple new projects. “I started Uprise so that we could provide homeowners in DC with the highest quality solar options regardless of income level. Partnering with DC Green Bank has helped me get closer to that goal,” Chris Sewell, founder of Uprise Electric Company, said.

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(Washington, D.C.) – DC Green Bank today announced the closing of an investment of more than $500,000 to support Shiloh Baptist Church of Washington as it pursues upgrades to its sanctuary building cooling system and considers additional building efficiency upgrades and capital improvements. This investment is part of DC Green Bank’s Community Impact Initiative (CII) pilot program. The CII pilot is designed to support community-serving institutions, including houses of worship, as they pursue building and systems upgrades that increase energy efficiency, bring down operating costs, and allow them to direct those savings to other deferred maintenance needs. The program also provides support to institutions throughout every stage of the project – from financial document and record identification all of the way through closing. DC Green Bank worked with Go Green Together (GGT) to support Shiloh to outline their energy system needs, assist in preparing the records and information needed to apply for a loan, identify mechanical, electric, and plumbing (MEP) contractors to undertake the work, and get the church to the closing table. The cooling system upgrade alone is expected to reduce electricity demand by the church by approximately 550 kWh for every eight hours of operation, eliminating the equivalent level of toxic emissions as avoiding over 980 miles driven by a typical passenger car.

Located in Ward 2, Shiloh Baptist Church is one of the oldest historically Black churches in the city and a leader in the faith community in the District and beyond. Donald F. Richardson, Chair, Board of Trustees, Shiloh Baptist Church of Washington, said of the partnership with DC Green Bank and Go Green Together, “We are proud to work with DC Green Bank and Go Green Together to meet our cooling system replacement needs as well as continue discussions about pursuing other systems and facilities upgrades in the coming months. Having a pilot program like the Community Impact Initiative that is dedicated to our city’s community-serving organizations fills an important gap for many institutions that may not be able to access affordable financing through private financial institutions. The ability to be able to finance large investments for our congregation that not only save us money, but are paid back solely on the expected utility savings is a game changer.” The initial loan will finance the purchase and installation of a new, highly energy efficient chiller to cool the sanctuary building. The partners will continue conversations about the potential for additional upgrades and retrofits.

DC Green Bank is prioritizing CII to align with its core values – Sustainability, Clean Economy, and Inclusive Prosperity – in order to ensure that no community organizations get left behind in the transition to a cleaner future, that they are able to share in the financial savings that come along with it, and they can show leadership in the climate realm in addition to their core missions. Eli Hopson, CEO of DC Green Bank, said of the deal, “We are honored to provide financing to Shiloh Baptist Church to help meet the needs of their congregation and their facilities. Shiloh is exactly the type of institution that CII was created to serve, and we could not have asked for a better partner to showcase the impact of green finance. Faith-based institutions have the power to lead entire communities to a cleaner, greener, and more equitable future, and we are excited to provide financing for many more to come through CII.”

By Tristan Navera, Washington Business Journal

Mi Casa Inc. has landed some of the money it needs to start work on a long-planned affordable housing project slated for 14 Florida Ave. NW in Truxton Circle.

D.C. Green Bank closed on a $255,728 pre-development loan for the new Barnett-Adan Apartments development in Ward 5. It will include a 3,000-square-foot office and 27 housing units for residents earning between 30% and 80% of the area median income. The project is to include permanent supportive housing, while Mi Casa Inc. plans to use the office as its headquarters.

This is the first project to benefit from D.C. Green Bank’s “Navigator” loan, a concept pioneered with Inclusive Prosperity Capital to provide gap financing for developments that are otherwise hard to finance. It will have a 1.99% interest rate and helps finance costs related to energy efficiency improvements, energy audits design and engineering work for green features. In Mi Casa’s original application to the Board of Zoning Adjustment filed in June 2019, it expressed a goal of building a net-zero project with solar rooftop panels.

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