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Deal Spotlight

Green Bank/CDFI Collaboration to Finance a County’s Largest Multifamily Rooftop Solar Project

0 kWh
Projected Energy Savings
0 Mtons CO2e
Projected Annual GHG Savings
Seneca Helioscope

The Building

Building type
Multifamily Rental

Building size
58 Buildings
737,362 Square Feet
684 Units
626 Affordable Units

Gaithersburg, MD

Year Built

NYCEEC Loan Product
Direct Loan

Project type

Solar PV and
Roof Replacement

5 Years

Closing Date
January 2023

The Project

NYCEEC participated in a $5,000,000 loan to facilitate the implementation of 2.18MW of rooftop solar and energy efficient roof replacements across a 58-building affordable multifamily development in Gaithersburg, Maryland. The Project was financed by the Montgomery County Green Bank working with NYCEEC and Virginia Community Capital. Montgomery County Green Bank (MCGB) was the lead lender on the transaction.



Annual Savings


Anticipated Energy Savings

2,583,535 kWh

The Results

The solar array and energy efficient roof replacements will benefit 684 rental units in Gaithersburg, MD and should save approximately 2,000 Mtons of CO2e annually. The project is the largest rooftop solar project on a multifamily property in
Montgomery County, MD.