Deal Spotlight
Interconnection Financing for 17.5 MW DC of Community Solar in Staten Island
% LMI
Community Solar Subscribers
MW
Expected Solar Capacity
$
NYCEEC Loan
The Project
Project Type
Community Solar
Project Size
17.5 MW DC
Expected Completion
2029
Location
Staten Island
Upgrades/Technology
Rooftop Solar PV
NYCEEC Loan Product
Predevelopment Loan
Loan Term
3 years
Closing Date
September 2026
NYCEEC provided a $712,000 predevelopment loan to a distributed energy resources (DER) developer to support the development of four community solar systems in Staten Island. NYCEEC’s loan will finance critical interconnection costs, enabling the projects to maintain their positions in the Con Edison interconnection queue while development of the project site progresses.
The four projects will be sited on the roofs of four to-be-constructed warehouses that are expected to span a combined 2.1 million square feet. The rooftop solar PV systems will range in size from approximately 3 MW to 7.5 MW, totaling approximately 17.5 MW DC.
The Sponsor of the project, Woodfield Renewables, is a developer and operator of distributed generation solar and storage assets, specializing in community solar in low- to moderate-income (LMI) communities. This is the second transaction NYCEEC has completed with Woodfield.
The Project Numbers
NYCEEC Predevelopment Loan
$712,000
Borrower Equity
$80,000
Total Predevelopment Costs
$792,000
The Results
By financing upfront interconnection costs, the four projects can maintain their position in the development pipeline while site approvals and planning continue. Once completed, the community solar systems are expected to have a capacity of approximately 17.5 MW DC, with at least 50% of the output serving LMI subscribers, expanding access to affordable clean energy across New York City.
This transaction demonstrates how targeted predevelopment financing can help DER developers navigate long timelines and utility interconnection requirements. It also builds on NYCEEC’s relationship with an experienced developer.