RIDGEWOOD, N.J.--(BUSINESS WIRE)--Scale Microgrid Solutions announces the first closing of its new developer friendly finance products, making up to $55 million of capital available to Urban Energy Inc. to develop community solar in New York City and beyond.
Urban Energy Inc. (“Urban Energy”) is tailored to increase clean distributed energy adoption among small-commercial and condo/cooperative residential buildings in NYC by enabling no-investment participation and maximizing system values through urban-specific technologies and design. Their mission is to be the simplest path forward for New York City building owners to participate in clean energy projects. They’ve grown dramatically in the past several years, fueled by their focus on developing innovative roofing solutions for a historically under-served market. The team works tirelessly to meet New York City’s evolving clean energy needs.
Scale Microgrid Solutions (“Scale”) is pleased to announce a financing commitment with Urban Energy to fund the development, construction and acquisition of community solar installations in all five boroughs of New York City and beyond. Scale is teaming up with Urban Energy to break down the barriers that have traditionally challenged clean energy developers in dense, urban environments.
“Scale has provided us with flexible development capital that will help us grow our pipeline. With their commitment to acquire projects, we can now confidently offer financed solutions to building owners in New York City,” said Russell Wilcox, Co-Founder and CEO of Urban Energy.
“We are excited to launch Scale’s Capital Solutions Development Finance Facility credit product with Urban Energy in New York City. Urban Energy provides innovative solutions to provide cost savings and meet the energy needs of a broad array of New Yorkers. They will utilize this capital to achieve new levels of scale,” said Julian Torres, CFA, Chief Investment Officer of Scale Microgrid Solutions.
About Scale Microgrid Solutions: Scale is a vertically integrated distributed energy platform, with a core focus of designing, building, financing, owning and operating cutting-edge distributed energy assets that offer cheaper, cleaner, and more resilient power. Their team of energy and financing experts accelerate growth in distributed energy projects by providing financing to technology providers, energy developers, and OEMs, while also directly helping large energy-consuming customers to take charge of their energy infrastructure and future-proof their businesses.
About Urban Energy: Urban Energy was founded in July 2017 as a solar developer, EPC, and advanced racking manufacturer. Following triple-bottom-line principles, Urban Energy makes rooftop solar viable for multifamily structures by offering scalable and financeable solar products, including an innovative solar canopy designed specifically for underserved urban buildings. Urban Energy currently has a pipeline of 6.5 MW of contracted projects in Con Edison territory of NYC and Westchester, representing over 80 large multifamily residential and small-commercial buildings. Over half of Urban Energy’s contracted projects will employ the solar canopy, and nearly all will serve low-and-moderate-income or public housing buildings.