By Keith Loria, Commercial Observer
DC Green Bank has closed on a $650,000 loan facility to finance the construction of a five-project portfolio of environmentally friendly infrastructure to better manage and clean stormwater runoff in Wards 5, 7, and 8 in Washington, D.C.
The loan will enable Green Compass, a sustainable development company, to design, build, and operate five stormwater management and green infrastructure projects over the next year and a half.
The 10,000 square feet of infrastructure will mainly involve de-paving surfaces and replacing with spaces that manage stormwater, reduce runoff and pollution, and improve local air and water quality. The projects are projected to divert up to 250,000 gallons of stormwater runoff that would otherwise enter the sewer system every storm.
“DC Green Bank is excited to partner with Green Compass for our first investment in green infrastructure and stormwater management,” Eli Hopson, DC Green Bank’s CEO, said in a release. “These projects will deliver tangible benefits for the health and wellbeing of the citizens of D.C., as well as for our environment.”