By: greenbank On: December 01, 2018 In: Comments: 0

CCR is developing a portfolio of Community distributed generation (DG) solar projects in New York State (NYS). Under the New York State Public Service Commission Standardized Interconnection Requirements and Application Process, developers seeking interconnections for their projects are required to make a deposit of 25% of the interconnection upgrade estimates followed by full payment 120 business days later. In August 2017, NYGB and CCR closed a Bridge Loan for up to $11.5 million to finance those interconnection deposit payments to NYS utilities, which will be used for as many as 72 Community DG solar projects. In December 2017, the Bridge Loan was increased by $13.5 million and extended until December 2019 to finance a portion of the balance of the estimated interconnection upgrade payments. In December 2018, the Bridge Loan was further increased by $20.0 million to a total $45.0 million facility, and extended until April 2021, to finance interconnection deposit payments and support CCR’s development of its NYS solar assets.

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