DC Green Bank
Update
01/19/24
DC Green Bank And City First Enterprises Close $320,000 Loan With Copernican To Bring Solar Energy To Low-Income Households
DC Green Bank and City First Enterprises (CFE) today announced the closing of a $320,000 construction-to-permanent loan to Copernican Energy, financing a 125-kW portfolio of approximately nine residential solar installations in underserved communities. Upon completion, these projects will deliver greenhouse gas reductions of approximately 2,040 metrics tons of CO2 equivalent over 20 years, as well as generate at least 50% energy bill savings for participating low-to-moderate income households. This loan is part of an ongoing small business loan partnership between DC Green Bank and City First Enterprises.
“We are proud to support Copernican Energy as they bring clean energy solutions to communities across DC, lower utility bills for consumers, and help advance equitable solar access,” said Trisha Miller, Chief Executive Officer at DC Green Bank. “It is critical to our mission that we crowd in additional capital, and that is why we are pleased to partner with City First Enterprises. Partnerships like this demonstrate the power of green finance to transform communities and our clean energy future.”
“This deal is a significant milestone for Copernican because this collaboration with DC Green Bank and City First Enterprises demonstrates how mission-driven lending creates an ecosystem for flexible and innovative financing that emerging developers need,” said Chris Turner, Partner at Copernican Energy. “As we continue to scale our business, having capital partners that fill the gaps is crucial to the feasibility of these projects.”
“At City First Enterprises, green lending is one of our core investment areas because clean and renewable energy should be available to all District residents, regardless of their income or zip code,” said Oswaldo Acosta, President and CEO at City First Enterprises. “Our partnership with DC Green Bank to provide access to capital for Copernican and other small businesses is crucial for the development of a clean economy and to support the workforce of the future.”
