A $5.25 million investment by City First Enterprises (CFE), DC Green Bank and Evergreen Energy Investments will support solar installations to provide energy to approximately 335 households in Washington D.C.
The investors report that three-quarters of the households will be in low-to-moderate income communities, and approximately 200 of the homes will receive the solar energy generated at zero cost.
Through a subsidiary, Evergreen Energy Investments, will manage the installation of more than 3 MW of solar, which are expected to be complete by the second half of 2026. The cumulative output is estimated at 3,685 MWh of energy annually. The investors reported that these projects will create approximately 50 jobs.
CFE and DC Green Bank each contributed $2.62 million to finance the $10 million project.
“This project is proof that the transition to clean energy starts at the community level,” said CFE president & CEO Oswaldo Acosta. “Through investments like these, CFE builds on its commitment to expand access to capital, grow our local economy, and catalyze private resources on behalf of community development initiatives.”
Last year DC Green Bank teamed up with CFE to provide a $320,000 construction-to-permanent loan with Copernican Energy to install a 125 kW portfolio of solar on nine residences that serve 23 households in underserved communities in Washington, D.C. Copernican is a sustainable energy solutions provider throughout Washington, Maryland and Virginia.
DC Green Bank develops and facilitates financial solutions to support clean solutions for District businesses, organizations and reports that, to date, has invested millions of dollars in a cleaner, greener, and more equitable future. Green banks, as defined by the IRA, are funded by public or charitable contributions, rather than deposits, and provide capital, leverage private capital, and provide other forms of financial assistance for “rapid deployment” of projects to reduce greenhouse gas emissions and other forms of air pollution.
CFE is a certified Community Development Financial Institution that provides loans for affordable housing, commercial real estate, small businesses, nonprofits and clean energy projects.
Evergreen Companies invests in affordable housing, structured finance, health care, multifamily apartments, renewable energy, and real estate transactions.
(Also read D.C. metro area community solar project spans 700,000 square feet of rooftop)
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