Enterprise, the huge nonprofit lender, is investing $2.5 million in a solar installation that will power 500 homes in the Denver Housing Authority’s portfolio.
The two-megawatt plant will be the first community solar installation owned by a public housing authority in the U.S. The facility in Aurora, Colo. will cost an estimated $3.9 million to develop and is slated to come online next February.
The power generated will be distributed to Denver Housing Authority properties by Xcel Energy. Enterprise’s Lori Chatman told ImpactAlpha she hopes the project will spur similar initiatives with other housing authorities.
Enterprise made the 15-year loan through its Impact Note program, which allows investors to commit as little as $5,000.
Enterprise has raised $60 million through the note since it launched in 2010.