NYCEEC provided an $8 million bridge loan converting to a $5.8 million permanent loan to finance two ground-mounted solar PV installations with a combined capacity of 13.66MW DC. 100% of the energy generated by the project will be subscribed to low- to moderate-income residents in the National Grid service territory. NYCEEC funded 20% of the loan as the lead lender, with Nonprofit Finance Fund funding the remaining 80%. Partnering with co-lenders allows NYCEEC to significantly increase its impact per dollar invested and broaden the network of capital support available to impactful projects.

This project was awarded under National Grid’s Expanded Solar for All (E-SFA) program, which was launched with NYSERDA in January 2022 to provide community solar benefits specifically to low-income customers. There is a significant market need for affordable renewable energy accessible to LMI customers, who are often excluded from clean energy opportunities due to cost. National Grid and NYSERDA address this need through managing the E-SFA program, improving the financial viability of this community-focused initiative.

The project expects to benefit from the changes to the Investment Tax Credit enacted in 2022 as part of the Inflation Reduction Act.