ROCKVILLE, Md.--(BUSINESS WIRE)--Standard Solar, a leader in the ownership, operation, funding and development of commercial and community solar assets, today announced it has acquired a community solar project at FCP®’s Holly Spring Meadows apartment community in Forestville, Md. from New Columbia Solar. The 800-kilowatt (kW) carport array and a 921-kW rooftop array project, along with 24 other projects owned by Standard Solar in the state, will help Maryland achieve its Renewable Portfolio Standard.
The carport and rooftop arrays, located at Holly Spring Meadows, a 224-apartment unit community, will generate a combined 2,120-megawatt hours of clean energy annually, which is equivalent to offsetting the carbon emissions of 1.6 million pounds of coal, charging 182 million smartphones for a year or the annual electricity use of nearly 300 homes. Approximately 50 percent of the energy produced on-site will be allocated to individuals of low- to moderate-income households.
“It means a lot when you acquire a project in your backyard that not only promotes community involvement, fostering a sense of unity, but also brings the benefits of solar power to a broader audience, and that will also help your home state reach its renewable energy goals,” said Mike Streams, Chief Development Officer for Standard Solar. “The Holly Spring Meadows solar project will help offset electricity costs for residents and moves Maryland closer to meeting its goal of generating 50 percent of its energy from renewable sources by 2030. It also advances the state toward meeting the 14.5 percent carve-out for solar by 2028.”
Maryland is at the forefront of embracing the value of community solar, demonstrating a significant commitment to renewable energy and empowering its residents. The Holly Spring Meadows community solar project stands as a great example of how solar energy can truly make a difference. By allowing individuals to subscribe to a shared solar array, this project enables access to clean and affordable energy for those who may not have the resources or suitable rooftops for installing solar panels. Subscriptions are being managed by Arcadia. Information on subscriptions can be found here.
“This was an extremely challenging project, and I am very proud of New Columbia Solar’s engineering and development team for bringing this difficult project to life,” said Michael Healy, Chief Executive Officer, New Columbia Solar. “This certainly cements NCS as one of the preeminent developers in Prince George’s County. I want to thank County Executive Angela Alsobrooks and her staff for working with the NCS team to streamline solar energy permitting in the county, which made this system possible and will enable NCS to continue to invest in solar energy systems throughout Prince George’s. I also want to thank FCP for being a great partner throughout this development process; We are proud to provide clean energy to more than 275 families through the Community Solar Program while furthering Prince George’s County’s renewable energy goals.”
“In 2019, FCP began exploring renewable energy solutions that would provide greener homes and improve returns for our investors,” said FCP’s Dara Vaziri. “After two years of extensive due diligence, we partnered with New Columbia Solar for FCP’s first solar deal ever. New Columbia Solar has done a great job building an approximate 1.6-megawatt system that will power approximately 275 homes annually.”
“We’re thrilled to be a part of Maryland’s first community solar carport alongside New Columbia Solar, Standard Solar and Holly Spring Meadows. Not only does this project leverage the built environment to harness clean solar power, it will also deliver 50% of its output to low-to-moderate income households and affordable housing properties, helping out households for whom energy costs are a significant burden,” said Joel Gamoran, Vice President and General Manager of Energy Services at Arcadia.
The Holly Spring Meadows project is complete and operating. Last weekend, the project’s partners, along with other participants, including Director Andrea Crooms, Prince George’s County Government - Department of Environment, came together to commemorate its success and organize a special community event to celebrate its completion. The occasion featured various activities, including the distribution of back-to-school backpacks and gift cards for energy use.
“FCP is thrilled to be partnering with Standard Solar in our first solar array at Holly Spring Meadows,” said FCP’s Lollie Loflin. “This community solar project supports FCP’s robust energy savings strategies and reduces the overall carbon footprint of the community. Along with the exciting news on our energy strategies, we are thrilled to send our youngest residents off to school this year with new backpacks stuffed with school supplies!”
EDITORS NOTE: Photos of the event are available here.
Arcadia is a climate technology company enabling a zero-carbon economy. By unlocking high-fidelity, global energy data for the first time, the Arc platform combines easy-to-use data and APIs under one roof to allow any company to act on its environmental impact and build the next generation of energy products and climate tech solutions. Arc democratizes access to data from more than 9,500 utility providers in 52 countries, covering more than 95% of US residential and commercial utility accounts. Founded in 2014 on the belief that everyone deserves access to clean energy, Arcadia also manages the nation’s leading community solar subscription management program with more than a 1 GW under contract. Through technology innovation, Arcadia helps to tackle energy access for disenfranchised communities while spurring economic growth. Join us in our mission and find out how you or your business can help achieve the vision of a 100% zero-carbon future at arcadia.com.
FCP® is a privately held real estate investment company that has invested in or financed more than $12.4 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About New Columbia Solar
New Columbia Solar is a Washington, DC based solar energy company, financier, owner, and operator of commercial and industrial solar energy projects. Founded in 2016, the company has grown to be the largest and most comprehensive solar energy company in the District of Columbia. Our mission is to power every building in the District of Columbia with solar energy, making our city’s energy supply cleaner and more sustainable for generations to follow. For more information, visit http://www.newcolumbiasolar.com.
About Standard Solar
Standard Solar, a Brookfield Renewable company, is powering the nation’s energy transformation – channeling its project development capabilities, financial strength and technical expertise to deliver the benefits of solar, as well as solar + storage, to businesses, institutions, farms, governments, communities and utilities. Building on 18 years of sustainable growth and in-house and tax equity investment capital, Standard Solar is a national leader in the development, funding and long-term ownership and operation of commercial and community solar assets. Recognized as an established financial partner with immediate, deep resources, the company owns and operates more than 350 megawatts of solar across the United States. Standard Solar is based in Rockville, Md. Learn more at standardsolar.com, LinkedIn and Twitter: @StandardSolar.