Delaware River Solar, LLC (DRS) is a NY-based solar development company based out of Callicoon, New York State (NYS), that finances, builds, and operates Community distributed generation (DG) projects. DRS engaged NYGB to provide financing support for the development of the DRS Community DG portfolio in 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 25.0% of the interconnection upgrade estimates followed by full payment 120 business days later.
In April 2018, NY Green Bank entered into an agreement with DRS to provide a $7.0 million bridge loan to finance the interconnection expenses of their community distributed generation projects in New York State. In July 2018, NYGB committed an additional $55.0 million to participate in a term loan to finance the capital costs of DRS’s Community DG portfolio of projects. In December 2018, NYGB committed a further $25.0 million to provide a construction facility for Community DG projects in NYS. Collectively, these transactions are initially expected to support the deployment of up to 70.0 megawatts of solar photovoltaic in NYS, providing residents and businesses with a greater variety of energy choices and, ultimately, lower-cost clean energy opportunities.