Catalyze has secured a line of credit from NY Green Bank, a division of the New York State Energy Research and Development Authority, or NYSERDA. The injection of capital will be used to finance a 79-megawatt portfolio of community solar projects that Catalyze is developing in New York.
“Community distributed generation is one of the most effective means of making solar energy more accessible to low-to-moderate income communities,” said Jared Haines of Catalyze, a Houston-based developer, financier and operator of solar and battery storage systems. Low-to-moderate income communities often lack the upfront capital needed to install solar panels.
Through a subscription, households and businesses receive monthly credits from the electricity generated at the facility on their National Grid electric bill without the need to install equipment onsite.
Innovative finance
The loan, which was made using a sale-leaseback structure, “underscores NY Green Bank’s unique ability to provide innovative financing solutions that support the equitable distribution of clean energy,” said the bank’s Andrew Kessler. A minimum of 65% subscribers in the portfolio are required to be located in disadvantaged communities.
NY Green Bank, the nation’s largest green bank, aims to help meet the state’s goal of installing six gigawatts of distributed solar by next year.
