Deal Spotlight
Lender Collaboration to Finance a Community Solar Project in Maryland
MW
Capacity of System
$
Total Project Cost
$
NYCEEC Loan Size
The Project
Project Type
Community Solar
Project Capacity
1.6 MW DC
Expected Completion
2026
Location
Bladensburg, MD
Upgrades/Technology
Rooftop and Carport Solar PV
NYCEEC Loan Product
Construction-to-Term Loan
Loan Term
12 years
Closing Date
January 2026
NYCEEC provided a $6,200,000 construction-to-term loan to support the development of a 1.64 MW rooftop and carport solar PV system in Bladensburg, a town in Prince George’s County, Maryland. The project is interconnected to a Pepco feeder line serving Washington, DC, allowing it to participate in the DC Solar Renewable Energy Credits (SREC) market, which enhances project revenues while supporting DC’s long-term renewable portfolio goals. The project is also participating in Maryland’s Community Solar Program, which requires at least 40% of subscribers to be low- to moderate-income households receiving discounted electricity.
NYCEEC served as the lead lender for this transaction, providing 33% of the total loan commitment while partnering with three participating lenders – Calvert Impact Capital, BlueHub Capital, and City First Enterprises – to mobilize additional capital. This collaborative approach allows NYCEEC to scale its impact per dollar invested and broaden the network of capital available for clean energy projects.
The Project Numbers
NYCEEC Loan
$6.2 million
Incentives & Other Sources
$2.6 million
Total Project Cost
$8.8 million
The Results
Upon project completion, NYCEEC’s loan is expected to be repaid through DC SREC sales and continuing revenues from community solar subscriptions. The project is expected to deliver discounted electricity to residential subscribers, including low- to moderate-income households, while supporting DC’s energy goals through locally generated solar power. Granite Canyon Solar, the project Sponsor, is an established commercial real estate owner and operator in the region. This transaction supports the company’s first solar development and represents an important step in expanding renewable energy into an expected future business line.