DC Green Bank and Together Solar today announced the closing of a nearly $2 million comprehensive debt facility to bolster the company’s existing solar portfolio and support an expansion of solar deployment across the District. The loan facility will provide permanent financing for one of the region’s largest portfolios of existing solar installations, with a focus on the provision of solar to non-profits and faith-based institutions in the city. In addition, the deal also includes a revolving credit facility to develop and deploy additional solar installations for Together Solar’s community service focused prospective customers. The revolving loan facility aims to encourage and finance solar in the District, part of DC Green Bank’s push to contribute to achieving the city’s climate and clean energy goals.
Eli Hopson, CEO of DC Green Bank, said of the deal, “We are proud to work with Together Solar to make access to solar energy a priority in the District. We cannot achieve our climate and equity goals if we do not focus on our community-serving institutions – like houses of worship and health centers – and this partnership will deliver results for these critical pillars of the community.”
DC Green Bank’s mission is to provide access to capital, growing the clean economy to develop a more equitable, resilient, and sustainable DC. By pursuing this mission in line with its core values – Sustainability, Clean Economy, and Inclusive Prosperity – the bank can ensure that no community is left behind. Ed Hubbard, a member of the DC Green Bank Board of Directors, said of this work, “A sustainable future requires that we partner with and invest in institutions that are already leaders in their communities. Our Board is committed to continuing to pursue an investment strategy that puts communities first.”
Together Solar’s existing portfolio of solar projects generates clean energy in the community, benefitting the systems’ hosts while helping to reduce carbon emissions and other particulate pollution in the District, having already resulted in a decrease of more than 3,000 tons of CO2 equivalent. The revolving loan facility will incentivize the expansion of this clean energy and emissions reduction footprint. Hugh Scott, Co-Founder of Together Solar, said of the partnership, “We are excited to work with DC Green Bank and their innovative team. The bank fills a critical need in the solar landscape and is a leader on the path to a clean energy future. Together Solar’s work and unique approach prioritizes renewable energy, elevates community institutions, and will strengthen neighborhoods for years to come.”February-2022-Together-Solar_DCGB-Press-Release