Today, Enterprise Community Partners (Enterprise) and DC Green Bank (DCGB) announced a $12.4 million investment to install 2.2 megawatts of solar panels at four affordable housing properties in the District. The properties are owned by Enterprise’s subsidiary Enterprise Community Development, the fifth largest nonprofit housing provider in the United States and the solar project developer. Funded by DCGB and Enterprise’s community development financial institution (CDFI), Enterprise Community Loan Fund, along with Enterprise’s capital subsidiary, Enterprise Community Investment, the investment will bring solar energy to 536 homes while supporting job creation in the District. The investment is further supported by Solar Revenue Put production insurance from kWh Analytics, enabling Enterprise to deploy more capital with lower financing risk.
Underscoring Enterprise’s commitment to environmental, social and governance (ESG) investing, the solar panels are expected to eliminate greenhouse gas emissions by the equivalent of up to 1,794 tons of carbon dioxide each year. In addition to the environmental benefits, a new community solar program will be offered to residents, providing subscribers a 25 percent discount on their electric bills. Enterprise Community Development, working with local community providers and installer Prospect Solar, will also offer a complete workforce development program to residents interested in a career in solar energy.
DC Green Bank supported the project with $3.75 million in affordable construction financing. Solar and renewable energy is one of the bank’s core investment areas, and the emphasis within this project on bringing renewable energy to affordable housing properties was critical to closing the deal. “We know that a clean, renewable, and affordable future for the District will require portfolios of projects like this to be replicated citywide,” said Chair of the DC Green Bank Board of Directors Brandi Colander. “We are proud of this partnership with Enterprise and hope that this effort will showcase the role that green banks play in transforming communities so that the benefits of renewable clean energy are delivered equitably and support affordable housing.”
Rooftop solar panels will be installed at the Arbor View and Randle Hill apartment communities in Ward 8. Solar carports and new electric vehicle charging stations will also be installed at The Overlook at Oxon Run in Ward 8 and Edgewood Commons in Ward 5.
Click here to read the full release or view below.Enterprise-and-DCGB-Press-Release-January-2023-Final