ARLINGTON, Va.– The National Cooperative Bank (NCB) said it has closed a $55 million loan facility to fund the construction and permanent financing of 20 community solar projects with United States Solar Corporation totaling approximately 37 megawatts.
The portfolio of assets includes community solar projects in Colorado and Minnesota that will benefit local commercial businesses and community residents, including low-to-moderate income subscribers, NCB said.
“As a mission-focused financial institution with a long history of working in renewable energy, we are very excited to provide this level of funding to US Solar for the creation of 20 community solar projects,” said SVP Matt Wright. “We have developed a strong relationship with industry leader, US Solar, and look forward to financing additional community solar projects nationwide.”
Founded in 2014, US Solar is a developer, owner, operator, and financier of solar generation and storage projects with a focus on emerging state markets and community solar programs. The company has 80 operational community solar projects and more than 750 additional megawatts under construction and development.
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