Deal Spotlight
Community Solar Serving LMI Subscribers in Staten Island
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MMBtu
Projectd Lifetime Energy Savings
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Mtons CO2e
Projected Lifetime GHG Savings
The Building
Building Type
Commercial
Location
Staten Island, New York
Term
12 Years
Closing Date
December 2023
Project Type
Community Solar
Upgrades
Rooftop Solar
NYCEEC Loan Product
Construction to Term Loan
The Project
NYCEEC provided a $1.325 million construction-to-term loan to UGE International, a developer, owner and operator of commercial solar and battery storage projects. Located in Staten Island, the 543kW rooftop community solar project is expected to reach completion by summer of 2024. The system will be located on the roof of a multi-tenant commercial retail property. Approximately 45% of the energy generated by the project will be subscribed to low- to moderate-income offtakers. Patriot Renewable Energy Capital is a party to the project as the tax equity partner.
Total Project Cost
$1,700,000
NYCEEC Loan
$1,325,000
The Results
NYCEEC’s loan supports the completion of a community solar project that will serve both LMI and non-LMI offtakers in the area. The loan will finance the construction of the project. Upon project completion, NYCEEC’s loan will be repaid through NYSERDA’s NY-Sun incentive proceeds and through tax equity proceeds that are to be invested into the project in stages.