ImpactAlpha, April 27 — Sunwealth Power, a Cambridge, Mass.-based impact investor that finances small-scale solar projects, is helping develop a 1.8-megawatt solar array at the New York City Housing Authority’s Queensbridge Houses.
The project will generate $1.3 million in lease revenue over two decades for the housing authority and discounted energy for nearly 500 low- and moderate-income units.
Bright Power and Sol Purpose, along with Sunwealth, trained and hired 13 Queensbridge residents and other locals to complete the installation. The combination of renewable energy and job training “is showing how we deliver a just transition to a green economy,” said Ben Furnas of the NYC Mayor’s Office of Sustainability.
Separately, New Jersey-based Nautilus Solar Energy secured $110 million in tax-equity financing from Credit Suisse to finance 22 community solar projects in Colorado, Maryland, Minnesota, New York and Rhode Island.