New Columbia Solar closes huge tax equity deal to finance Washington D.C. PV projects
By Chris Crowell May 18, 2020
New Columbia Solar, a Washington, D.C., independent power producer, closed a $40 million tax equity partnership with Franklin Park Infrastructure to finance DC-based solar projects throughout 2020 and 2021. This investment is the largest known tax equity investment dedicated explicitly to solar projects in the District of Columbia.
With over 100 solar projects already in its operating portfolio, New Columbia Solar now has access to over $50 million in project investment capital in 2020 and anticipates deploying at least $120 million through 2021.
"This partnership ensures we can continue to make a significant contribution to the District's renewable energy goals while continuing to deploy solar energy systems across all eight wards, making solar energy more accessible than ever to District residents and businesses," said Mike Healy, CEO and Co-Founder of NCS.
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The new tax equity partnership enables New Columbia Solar to develop an additional 30 megawatts of solar energy, generating clean electricity to power the equivalent of nearly 4,000 homes and offsetting over 20 metric tons of carbon dioxide emissions annually for the next 20 years. It also expects to hire an additional 10 employees this year, adding to the 50 local residents currently employed by New Columbia Solar.
"This investment, and our partnership with New Columbia Solar, represents our entry into the tax equity market as an investor and an expansion of the Franklin Park business model," noted Kevin Lapidus, CIO of Franklin Park. "We are particularly focused on tax equity investments in the DG solar market."
New Columbia Solar develops, finances, operates and owns 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.
New Columbia Solar was represented by Bryan Didier of Leverage Law Group LLC and Daniel Vandergriff of Blanco Tackaberry & Matamoros P.A. Franklin Park was represented by Edward Zaelke of McDermott Will & Emery LLP and Vadim Ovchinnikov of Alpha Energy Advisors as the financial advisor.
Tags: New Columbia Solar, tax equity
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