Washington DC, November 7, 2019 – In what is being called the largest deal of its kind in the District of Columbia, Ward 5 based New Columbia Solar and Amalgamated Bank announced a 25-million dollar financing dedicated specifically for the District of Columbia’s unique solar market. Amalgamated Bank’s investment serves as the anchor investment for a 50-million-dollar fund New Columbia Solar raised specifically to invest into District solar projects located on commercial, industrial, multi-family, non-profit, and faith-based properties across Washington, DC.
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.
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. 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.”
New Columbia Solar was represented by Daniel Vandergriff of Blanco Tackabery PLC. Amalgamated was represented by Jordan Dansby of Clean Energy Counsel PLC.
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.
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About New Columbia Solar
New Columbia Solar develops, finances, owns, and operates rooftop, canopy, and ground-mounted solar projects located on commercial, industrial, multi-family, non-profit, and faith-based properties across the District of Columbia and Maryland. Founded in 2016, the company has grown to be the largest and most comprehensive solar energy company in the District of Columbia with a mission to power every home and business in the District of Columbia with solar energy. They pride themselves on using solar energy to provide increased cash flow and financial flexibility to more than 100 schools, nonprofits and residential building owners across the District. For more information visit www.newcolumbiasolar.com.
New Columbia Solar Contact: Becca Browne
Phone: (224) 522-9423
Email: [email protected]