At the beginning of this year we let you know of MoCo’s largest rooftop solar project on multifamily property being underway at the Seneca Village apartment complex in Gaithersburg. Recently, a partnership between the Montgomery County Green Bank and Inclusive Prosperity Capital (IPC) was announced and will support the completion of a combined 1.97 MW rooftop solar array at Seneca Village, a 58-building, 684-unit affordable housing apartment complex.
Upon completion in fall 2023, the project will be the largest rooftop solar project on multifamily affordable housing in Montgomery County. The project was catalyzed by a $5 million financing from the Montgomery County Green Bank as the lead lender, and participations from NYCEEC and Virginia Community Capital to install new energy-efficient roofs throughout the complex. Inclusive Prosperity Capital provided a subsequent $2.5 million loan to support the installation of the rooftop solar arrays. This marks the first transaction in which IPC and the Montgomery County Green Bank have partnered.
Additional information per the press release: “Leveraging innovative partnerships to establish flexible financing structures for clean energy initiatives is a fundamental component of the Montgomery County Green Bank’s mission,” says Montgomery County Green Bank’s CEO, Steve Morel. “We are excited to join forces with Inclusive Prosperity Capital to amplify funding for Montgomery County’s most significant solar venture at Seneca Village Apartments. We are enthusiastic about this initial endeavor and anticipate that it will be the first of numerous collaborative projects ahead.”
“Inclusive Prosperity Capital is thrilled to partner with Montgomery County Green Bank in supporting the Seneca Village project, the largest integrated affordable housing and renewable energy project in the County,” said Kerry O’Neill, IPC’s CEO. “This initiative aligns perfectly with our mission to partner with green banks, developers, and lenders across the country focusing on underserved markets and communities that are too often left out of the benefits of the clean energy transition.”
Kristine Musademba, Associate Manager of Clean Energy Transactions at IPC added, “We are proud to support the largest project of its kind in the County with this creative financing solution that can serve as a model for future clean energy projects on multifamily affordable housing. We look forward to continued collaboration with Montgomery County Green Bank and other like-minded partners in the months and years to come.”
With the solar array and new energy efficient roof upgrades, Seneca Village Apartments is projected save 2,583,535 kWh in energy, generate more than $300,000 in annual savings, and mitigate 2,000 metric tons of carbon dioxide greenhouse gas emissions per year.
The National Weather Service (NWS) has provided an update on today’s heavy rain that is expected to change over to snow Monday morning.