DC Green Bank, City First Enterprises, and Flywheel Development are working together to fund the construction of eight rooftop solar energy installations in Wards 4, 7, and 8. The projects are part of DOEE’s Solar For All program, which DCSEU manages.
ObjectiveThe Flywheel portfolio will provide low-cost electricity to low and moderate income (LMI) households for the next 20 years. As a long-term goal, through the District’s Solar for All program, DOEE and DCSEU endeavor to reach 100,000 LMI households. The Solar For All program allows under-served households to benefit from low-cost renewable energy. Addressing a gap in the market, DC Green Bank stepped in to providing the necessary capital for Flywheel to construct the projects on time. More than 300 DC households in four distinct affordable living communities are expected to benefit from more than $3.5 million in total savings on electricity bills for the lifetime of the installations
PartnershipsCity First Enterprises, a DC-based community development financial institution (CDFI), provides loan processing and servicing for the construction loan portfolio, leveraging its expertise and lending platforms to manage complex financial, commercial transactions on behalf of DC Green Bank. The collaboration among Flywheel, DC Green Bank, and City First Enterprises makes this financing a true public-private partnership. With its commitment to bring the environmental and financial benefits of emerging clean energy technologies to working families and small business entrepreneurs across the region, City First is an ideal lending partner for DC Green Bank.
The Flywheel Development team is delighted to call DC Green Bank our partner, and we are excited to deploy Solar for All resources in District communities in ways that save local households real money.
DC GREEN BANK-FLYWHEEL PORTFOLIO HIGHLIGHTS:
For the coming year, DC Green Bank expects all eight rooftop solar projects being constructed by Flywheel to reach commercial operations. The total installed capacity will be 1,409 kilowatts, and for partial year operations, these projects are expected to generate a combined 1,220 megawatt-hours, reducing 951 tons of CO2-equivalent emissions during FY2021. DC Green Bank expects to receive full repayment of the principal and continues to receive accrued interest payments for the Flywheel projects.