Climate Finance | November 24, 2021

A $55 million credit facility will help Urban Energy develop community solar in NYC

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, November 24 — Brooklyn-based solar developer Urban Energy is accelerating clean distributed energy for the city’s buildings, which account for over 70% of New York’s carbon emissions.

Urban Energy offers rooftop solar products for multifamily residential and small commercial buildings owners, including solar canopies for low- and moderate-income and public housing pre-war buildings. It also enables building owners to lease unused rooftop spaces to set up solar power plants.

Solar portfolio

The credit facility from Ridgewood, New Jersey-based distributed generation company Scale Microgrid Solutions will help Urban Energy to scale up its ability to develop community solar projects in all five boroughs.

“We intend to acquire the projects they develop over a fixed period of time so we can own and operate them in the long term,” Scale’s Julian Torres told ImpactAlpha.