DC Green Bank funds $2 million loan for solar | Solar Financing Spotlight

DC Green Bank is financing solar, energy storage and modifications for community center in Washington, D.C. Seneca Environmental to sell RECs to Pinterest. Origis Energy closes on funding package for the Swift Air Solar project in Ector County, Texas. Milford Holdings closes on 1.1 MW solar project in Connecticut. Read more in the latest edition of the Solar Financing Spotlight.
DC Green Bank is providing $2 million in financing for solar power, battery storage, and fully electric modular kitchens at the Sycamore & Oak community center in Washington, D.C.
DC Green Bank invested in the installation of a 138 kW rooftop solar array, as well as a solar battery storage system, to provide continuous power to the property. The financing also supports all-electric kitchen units, which include space for food preparation, storage, and service. These innovative modular kitchens will serve as a hub for chefs in residence — with guidance from the José Andrés Group — and a proof of concept for future all-electric kitchens.
“Sycamore & Oak demonstrates how DC local businesses and residents are building a more sustainable and inclusive economy,” said Trisha Miller, CEO of DC Green Bank. “We’re excited to support an innovative climate technology project that will directly benefit the Congress Heights community, grow new businesses, and sustain jobs for Washingtonians.”
Located on the St. Elizabeths East Campus in Congress Heights in Ward 8, the Retail Village at Sycamore & Oak is a 23,000-square-foot sustainably designed, mass timber building that is home to 20 Black-owned businesses, all led by East of the River entrepreneurs. Led by a diverse coalition and operated in partnership with the Congress Heights Community Training and Development Corporation, the project provides opportunities for business development and much-needed retail options, programming, events, and trade-focused training, and other resources for the Congress Heights community.
The Retail Village is the first phase of development of St. Elizabeths East, which is envisioned as a 650,000-square-foot mixed-use development that will include workforce housing, retail space, the first hotel East of the River, and green space.
“DC Green Bank has been an essential partner in making the clean energy feature of Sycamore & Oak a reality and a consistent supporter of our work to create a model for sustainable community development,” said Louis Dubin, Managing Partner at Redbrick LMD, a development partner for Sycamore & Oak. “This financing helps us show how technologies like mass timber, electric kitchens, and battery storage can build vibrant community spaces that create new opportunities for residents.”
Seneca Environmental to sell RECs to Pinterest
Seneca Environmental, the energy solutions division of Seneca Holdings, the wholly owned investment arm of the Seneca Nation, announced today that it has retired an international portfolio of renewable energy certificates (RECs) on behalf of visual search and discovery platform Pinterest. The sale marks the first sale of these types of RECs to a global tech company by a tribally owned enterprise.
With RECs spanning 15 countries including Singapore, Australia, and Japan, the purchase will be used to offset energy load in Pinterest offices, furthering the company’s goal to achieve 100% renewable energy for their offices.
As part of the deal, Pinterest will procure high-impact RECs from Seneca Environmental.
These RECs are tied to a project supporting the local ecosystem in a region currently dominated by monoculture agriculture, which includes no-mow native plants and pollinator-friendly practices that support pollinating insects.
“The sale of RECs to Pinterest marks a milestone for Seneca Environmental in building our capacity to participate in power markets while serving customers that value authentic business relationships with tribally owned enterprises,” said Jeffrey Ellis, CEO of Seneca Holdings. “This procurement provides us the opportunity to expand Seneca Environmental’s growing capabilities in the renewable energy sector to corporate clients interested in maximizing their impact to the environment as well as underserved communities.”
The RECs comply with standards set by RE100, a global corporate renewable energy initiative for businesses committed to sourcing 100% of their electricity from renewable sources. RE100 is the leading standard for corporate emissions offsets.
The RECs offered by Seneca Environmental allow corporations to address emissions while also supporting a tribally owned business and a Native Nation. Tribally owned enterprises like Seneca Environmental are a key source of income providing vital services to Native communities, including education and cultural preservation.
To expand on the RECs currently being offered and grow the company’s ability to serve corporate customers, Seneca Environmental will expand its offerings to corporations of RECs from tribally owned renewable energy projects in 2025. These new RECs will provide corporations with increased impact by supporting Native communities’ full participation in the energy transition. In addition to building on Seneca Environmental’s offerings, procuring RECS from tribally owned projects provides companies with a meaningful way to support energy independence and self-determination for other Native communities.
Legislation and initiatives like the Inflation Reduction Act, the Infrastructure and Investment Jobs Act, and the Justice40 Initiative have made the renewable energy market more accessible to both Native communities and their tribally owned businesses. For Native communities, participating in that market includes building and owning renewable energy projects both on their lands and elsewhere across the United States.
Origis secures $415 million for 145 MW solar project in Texas
Origis Energy has closed financing for the Swift Air Solar project in Ector County, Texas. The $415 million funding package includes construction, term debt and tax equity financing from Natixis Corporate & Investment Banking (CIB) and Advantage Capital.
Natixis CIB acted as sole coordinating lead arranger, hedging bank, LC issuer, green loan coordinator, and administrative agent for the $290 million construction and term debt financing. Advantage Capital is providing $125 million in tax equity for the project.
Currently under construction, the 145 MW Swift Air Solar will enter commercial production in mid-2025. The project is under agreement with Houston-based Occidental (Oxy) and its subsidiary, 1PointFive, to provide zero-emission solar power for the Direct Air Capture (DAC) facility, STRATOS, currently under construction in the Permian Basin. Origis is the builder, owner, and operator of Swift Air Solar.
“This is an exciting project, helping to power the world’s first large-scale direct air capture plant. This directly aligns with our mission to supply decarbonization solutions,” said Vikas Anand, CEO of Origis Energy. “A big thank you to Natixis CIB and Advantage Capital for their partnership on Swift Air Solar.”
The Swift Air Solar funding represents the third transaction for Origis and Natixis CIB. The parties worked together on the Origis $750 million construction warehouse facility in August 2023 and an upsize of the Origis $750 million development facility in March 2023.
“The Swift Air Solar project highlights what can be achieved when capital, collaboration, and cutting-edge technology come together to drive meaningful impact,” said Tom Bitting, managing director at Advantage Capital. “Investing in transformative renewable energy projects like this aligns perfectly with our mission to drive capital to initiatives that foster economic growth and environmental impact.”
Latham & Watkins represented Origis Energy in the transaction. Representation for the lenders included Milbank for Natixis CIB and A&O Shearman for Advantage Capital. Local counsel included Reed Smith for Origis and Husch Blackwell representing Natixis CIB and Advantage.
Milford Holdings closes on 1.1 MW solar project in Connecticut
The Connecticut Green Bank is pleased to announce that Milford Holdings LLC has recently closed on C-PACE financing for a 1.1 MW solar project at their property at 80 Wampus Lane in Milford. The tenants on-site include both industrial and manufacturing operations. The total gross installed costs are approximately $2.2 million and the estimated energy revenue for the ownership over the next 20 years will surpass $4 million. The project participated in Connecticut’s Non-residential Renewable Energy Solutions (NRES) program, through which the utility company will buy the produced electricity from the property owner.
“I’m pleased with our decision to utilize the C-PACE program to finance our Solar project at 80 Wampus Lane. The process was straightforward across the multiple partners involved. Additionally, the Green Bank worked efficiently to close C-PACE financing allowing us to begin saving energy,” said Ahron Rosengarten, the project manager working for the property ownership. “We want to give a big thanks Jodi French of KPT Renewables for being an indispensable resource to get this transaction closed and giving us expert guidance on every step of the process. Thanks to Evergreen Energy for developing the project, managing the NRES submission process as well as coordinating the installation.”
The system will generate approximately 1.1 million kWh annually.
In Connecticut, the Commercial Property Assessed Clean Energy (C-PACE) program has surpassed 400 closed projects for more than $300 million in total investment. C-PACE is administered by the Green Bank and is specifically designed to finance green upgrades, including energy efficiency improvements, renewable energy sources, and projects to increase resilience.
“Commercial property owners’ interest in adding large solar systems to their roofs continues to remain strong in Connecticut,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “C-PACE was designed to allow these projects to make financial sense in addition to the positive environmental impact.”