Deal Spotlight
Bringing Clean Energy to NYC Affordable Housing Residents – Joint Ownership Entity
$
0
NYCEEC loan
0
metric tons
Lifetime GHG Savings
The Building
Building type
Residential
Building size
19 buildings
640,933 square feet
608 units
Location
New York City
Project type
Solar PV
Upgrades
Solar PV
NYCEEC loan product
PPA
Term
14.5 years
Closing date
November 2020
The Project
The Joint Ownership Entity (JOE) is a non-profit member organization that owns and manages affordable multifamily housing properties across New York City. JOE has been at the forefront of providing energy efficient units for its residents that are powered by renewable sources. The project, developed by SunRun and Harvest Power, will generate of 700,000 kWH per year. The 608 kW system will be installed over 19 JOE owned buildings and provide clean electricity to over 25 buildings supporting over 600 families.
Maximum Total Project Cost
$2,239,000
NYCEEC Solar PV Loan
$388,000
Affordable Housing Units Greened
608
The Results
JOE’s efforts resulted in another step forward towards the twin goals of reducing GHG emissions in NYC and providing the benefits of renewable energy to low- and moderate-income families. In order to maximize the benefits for all parties, the SunRun structure called for an advanced payment for the power produced over time. The NYCEEC loan was a part of the capital stack that allowed for the payment to be made and for JOE to allocate additional financial resources towards its primary mission of developing and preserving affordable housing. For this project, NYCEEC was a co-lender with one of the largest Community Development Financial Institutions in the US; maximizing the impact of NYCEEC’s loan and mobilizing much-needed capital for renewable energy deployment for affordable housing. Over the life of the project, GHG emissions will be reduced by over 11,000 metric tons and JOE’s utility costs will decrease by over $4.7 million.