Deal Spotlight
Predevelopment Loan Facility for Multi-State Community Solar Portfolio
$
Facility Amount
MW
Aggregate Solar Capacity
MTons CO2e
Projected GHG Savings
The Project
Project Type
Community Solar
Aggregate Solar Capacity
28 MW
State(s)
New York, Illinois
NYCEEC Loan Product
Revolving Predevelopment Loan Facility
Facility Term
42 months
Closing Date
July 2025
NYCEEC provided a revolving loan facility of $7,500,000 in collaboration with Leviticus Fund to finance predevelopment costs—also known as pre-notice-to-proceed (NTP) expenses—for the development of community solar projects across the US that meet certain agreed-upon criteria. The initial five projects to be financed are situated in New York and Illinois; they are expected to have a combined solar capacity of approximately 28 MW.
The loan facility will support the Sponsor of the projects, Greenwood Sustainable Infrastructure (GSI), a distributed generation developer with over two decades of experience. As projects exit the loan facility for construction, capital will be repaid and become eligible to be drawn down for additional projects in the Sponsor’s pipeline. As the capital revolves, GSI will be able to finance new projects with the facility, amplifying the impact of the loan proceeds.
The Project Numbers
Predevelopment Loan
$7,500,000
Sponsor Equity
$1,300,000
Total Predevelopment Costs
$8,800,000
The Results
The loan facility will allow the Sponsor to accelerate the development of their near-term pipeline by providing liquidity for the early stages of solar project development. Distributed generation project development can entail high upfront capital expenditures due to intensive siting, permitting, and interconnecting costs. With NYCEEC’s loan financing those expenditures and recycling capital, GSI is able to leverage increased internal capacity to realize its pipeline.
NYCEEC intends for this facility to ultimately finance over 100 MW of energy across many separate projects. It is expected that a number of projects financed by this facility will be located within or will primarily benefit low-income and disadvantaged communities.
Leviticus Fund, an organization that provides hard-to-obtain financing for vital community services and housing, will participate in NYCEEC’s facility to provide a portion of the capital.