New Columbia Solar raises $75 million, looks to develop 50 projects in D.C.

The company closed a tax equity deal with Franklin Park Infrastructure that will help it add solar capacity in a challenging urban environment.

February 26, 2021 Tim Sylvia

D.C. Skyline

New Columbia Solar, a Washington, D.C.-based commercial developer, closed a second tax equity deal with Franklin Park Infrastructure, as well as a loan facility provided by Amalgamated Bank and Live Oak Bank, creating a $75 million fund for additional solar projects.

The financing will be used to add 50 projects to New Columbia’s existing portfolio of 150 projects, and enable the hiring of up to 20 people this year. New Columbia said that the financing will keep it on track to achieve its vision of deploying $120 million into the local solar market across 2020 and 2021.

New Columbia develops rooftop, carport, and ground-mounted solar energy projects. The company closed its first tax equity deal with Franklin Park Infrastructure in May 2020. That $40 million investment allowed the company to develop 30 MW of capacity and hire 10 people.

Washington, D.C., is home to one of the most aggressive renewable mandates in the country – 100% renewable by 2032 – but has limited space where projects can be developed. New Columbia Project Finance Manager, Shane Lebow, said that Franklin Park “understands the box which we operate and develop in,” and that each customer has different needs for their systems.

New Columbia adds solar to multifamily buildings, schools, and industrial facilities, according to CEO Mike Healy. Most of its projects are less than 100 kW in size.

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