Eden is developing a portfolio of Community DG solar projects in NYS. NYGB loan proceeds finance interconnection deposits to National Grid for such projects, due under the New York State Public Service Commission Standardized Interconnection Requirements and Application Process. NYGB had previously extended Eden a 24-month senior secured $2.5 million bridge loan, and in March 2020, NYGB increased the Bridge Loan size to $4,307,753.
This transaction is expected to support up to 84.5 MW of solar assets in the State which is expected to: (i) provide commercial and residential project subscribers access to reliable, clean, low-cost energy; and (ii) reduce up to 373,019 metric tons of greenhouse gas emissions annually in NYS. As there has been an increasingly strong demand for Community DG solar throughout NYS, capital providers are recognizing, and will continue to recognize, the value in providing financing to enable the deployment of these projects. NYGB expects the Bridge Loan product to serve a template for private capital to build on.