2030 Finance | August 10, 2017

Reinvestment Fund backs solar project for Philadelphia Navy Yard

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Reinvestment Fund, a Philadelphia-based community-development finance institution (and GSG Honors awardee), is providing $1.1 million in debt to construct a two-phase rooftop-solar project at Philadelphia’s Navy Yard.

It’s being touted as the first community solar project in Pennsylvania, and one of only 25 in the U.S.

The former navel base and shipyard turned business park in South Philly is home to more than 150 companies and the workplace of more than 12,000 people.

Power generated from the installation will feed into the Navy Yard’s existing microgrid and be used to power businesses based on the1,200 acre site. The first phase, for 440 kilowatts, is under construction and is expected to supply 0.5% of the Navy Yard’s energy demand; the second 310-kilowatt installation is planned for 2018.

Reinvestment Fund is issuing loans via its Sustainable Development Fund to SolarSense, the project’s developer.