(Washington, D.C.) – DC Green Bank and Uprise Solar today announced the closing of a $385,000 permanent loan to support the long-term viability of 187 kW’s of residential solar projects across DC. The loan supports the financing of a portion of an existing portfolio of solar projects and will consolidate previous construction loans into a permanent loan that will finance the operation of 24 residential solar projects in the District. These projects, now completed, are expected to generate approximately 3,500,000 kWh’s of renewable energy over 20 years. In addition, the projects will reduce GHG emissions by 2,660 metric tons of carbon dioxide equivalent over the same period. This is equivalent to the carbon dioxide emissions from 298,242 gallons of gasoline consumed or 2,932,507 pounds of coal burned. Uprise is a certified contractor with Solar for All, a program of the District’s Department of Energy and Environment (DOEE) and administered by the DC Sustainable Energy Utility (DCSEU), that works with local solar contractors to expand the deployment of solar and cut electricity costs for income-qualified residents by 50% or more. Additionally, these projects created 12 jobs, 8 full-time direct jobs, and 4 part-time jobs. The new debt structure will provide Uprise Solar with long-term financing, enabling them to scale their operations and continue deploying solar projects within the District.
“DC Green Bank is committed to filling financing gaps for growth-stage developers like Uprise, and supporting them through each phase of their growth,” said Jean Nelson-Houpert, Interim Chief Executive Officer and Chief Financial Officer of DC Green Bank. “Seeing Uprise Solar’s success and impact is a clear sign that investing in clean energy and local developers is a win-win for everyone.”
The original loan package consisted of two construction loans and a revolving line of credit. The financing was used to install the solar projects while supporting the operating costs of Uprise. The permanent loan will be used to support the ongoing operations of the solar projects. Now fully constructed, the solar projects will deliver clean energy to residents, reduce energy costs, and provide health benefits to the community.
“We worked with several financing organizations to make these 24 projects possible, and we are fortunate to have the DC Green Bank as one of our partners,” said Chris Sewell, CEO of Uprise Solar. “Their investments have enabled us to grow, allowing us to bring local jobs and clean energy to the city with a great market.”
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