Leyline Renewable Capital, a provider of debt and equity capital for renewable energy development and construction, has partnered with SaveSolar, a Washington D.C.-based solar company that specializes in financing and developing community solar projects, with a focus on serving affordable housing communities.
Through a $10 million construction facility, Leyline will provide SaveSolar with the working capital and initial construction equity to develop and retain ownership of approximately 17 residential, commercial, and government rooftop solar projects, totaling 10.3MW. This is equivalent to offsetting the carbon emissions of more than 8,000 pounds of coal.
Community solar systems offer discounted energy to D.C. residents, especially those in apartments, homes, low-income housing, or community residents who may not be able to afford a solar installation on their own roofs. Ultimately, the clean solar energy SaveSolar helps generate is sent back into the utility and provided at a discount to residential, low-income, and community subscribers.
“Leyline is looking forward to developing a lasting partnership with SaveSolar,” said Erik Lensch, CEO of Leyline. “By providing capital and expertise, Leyline will help SaveSolar develop, build, and hold community solar projects long term, which will ultimately help SaveSolar accelerate its growth and serve more D.C. residents.”
Not only does Leyline offer financial capabilities and extensive development knowledge, it also brings significant solar construction experience to partnerships with developers like SaveSolar. Additionally, the SaveSolar executive leadership team has more than 60 years combined experience in renewable energy markets in the United States and Australia. Together, both companies hope to make solar energy more accessible and move the needle in the fight against climate change.
“SaveSolar is committed to making solar energy more affordable for low-income residents,” said Karl Unterlechner, CEO of SaveSolar. “Through community solar, affordable housing companies can now receive ongoing revenue from the solar value on their rooftops, while their residents receive energy discounts. With Leyline’s funding, SaveSolar will have the resources needed to develop, build, and grow the solar market in Washington, D.C.”
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