Deal Spotlight
Term Loan for Community Solar Project at Fordham University’s Bronx Campus
$
NYCEEC Loan Amount
kW
Solar Capacity
The Project
Project Type
Institutional
Project Size
963 kW DC
Year Built
2019
Location
The Bronx, NY
Upgrades/Technology
Community Solar
NYCEEC Loan Product
Direct Loan
Loan Term
10 years
Closing Date
September 2025
NYCEEC provided a $930,000 loan to refinance an operational community solar system located on the rooftops of Fordham University buildings in the Bronx, New York. The system has been operational since late 2019 and the Sponsor, Woodfield Renewables, recently executed a purchase option to own and operate the system long term. The system is 100% subscribed through community solar offtake agreements with the primary offtaker being Fordham University (approximately 85% of offtake).
NYCEEC’s loan will allow the Sponsor to repay existing debt on the project, freeing up capital for investment in additional solar and battery storage projects in the New York metro area. Woodfield already has a robust pipeline of community solar and/or battery storage projects planned for New York City, with additional projects in advanced development stages.
The Project Numbers
NYCEEC Loan
$930,000
Sponsor Equity
$262,000
Total Project Cost
$1,192,000
The Results
The Sponsor originally built the project in 2019 using a sale-leaseback structure and took on a bridge loan pending exercise of its purchase option for the system. Now, NYCEEC has provided a term loan of 10 years to allow the Sponsor to refinance its purchase of the system and to provide liquidity for the Sponsor’s near-term pipeline.
Fordham has indicated that the Rose Hill Community Solar project is the largest community solar project hosted by any educational entity in New York City, providing over 1,000 MWH to Fordham and additional subscribers. In addition to continuing its commitment to reducing its carbon footprint, Fordham University and other subscribers have realized significant reductions in operating costs because of the renewable energy generated by this project.