New Columbia Solar and Amalgamated Bank Close $25M Loan to Support DC Solar
The District of Columbia has been a national leader in bringing solar to market and to ensuring that it is done in a just and equitable way. In fulfilling our mission as America’s socially responsible bank, Amalgamated is proud to leverage our capital and expertise in support of New Columbia Solar and the many community beneficiaries.
Washington DC, November 7, 2019 - New Columbia Solar ("NCS"), a commercial solar developer and operator in Washington, DC, today announced the closing of a $25M loan facility to support the financing of over $50M of solar photovoltaic projects in Washington, DC. The facility, provided by Amalgamated Bank ("Amalgamated"), is paired with a corporate loan and banking facility to support NCS's general business operations. The companies are proud to have achieved a closing on this facility, which is the largest debt financing ever completed to support solar projects in Washington, DC. NCS expects the financing to support over 12 MWs of solar projects located at commercial, industrial, and multi-family, non-profit, and faith-based properties in Washington, DC.
Mike Healy, CEO and Co-Founder of NCS said, "this financing cements NCS and Amalgamated's place as preeminent supporters of solar energy in Washington, DC. With Amalgamated, NCS has found an essential partner to help the District of Columbia achieve its goal of being one of the greenest cities in the country and a leader in the clean energy revolution."
Ivan Frishberg, First Vice President said, “The District of Columbia has been a national leader in bringing solar to market and to ensuring that it is done in a just and equitable way. In fulfilling our mission as America’s socially responsible bank, Amalgamated is proud to leverage our capital and expertise in support of New Columbia Solar and the many community beneficiaries.”
This partnership will help fund over 100 solar projects throughout the city, including low-income commercial buildings, churches and small businesses. The estimated 12 MW’s of solar projects is the equivalent of powering nearly 7000 homes year-round for 25 years and offsetting nearly 11 Metric Tons of carbon dioxide emissions annually.
New Columbia Solar was represented by Daniel Vandergriff of Blanco Tackabery PLC. Amalgamated was represented by Jordan Dansby of Clean Energy Counsel PLC.
About New Columbia Solar
New Columbia Solar (NCS) is a full-service solar energy company, based in and serving the District of Columbia. NCS is a developer, installer, financier, and operator of solar energy projects in Washington DC. To date, NCS has completed over 200 solar projects and over 15 MW’s of solar in the District.
With over 40 years of combined industry experience, NCS understands the nuances of developing, financing, and operating solar projects in Washington, D.C. NCS helps businesses, property owners, schools, non-profits, and homeowners significantly reduce energy costs and enhance sustainability through the implementation of solar power. NCS’s mission is to make it as easy as humanly possible for D.C. residents and businesses to benefit from solar energy.
About Amalgamated Bank
For nearly a century, Amalgamated Bank has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission. We are on a mission: to support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.