Arlington, VA (May 17, 2022) - National Cooperative Bank (NCB), a leading financial institution dedicated to providing renewable energy lending solutions nationwide, recently announced the closing of $27.8 million to fund the installation and permanent financing of four solar projects with Syncarpha Capital totaling 24.1 MW.
Three of the four projects will be developed as community solar, to benefit both residents and small commercial/municipal and public schools as off-takers in the state of Maine.
The fourth project developed is on a former landfill located in Gloucester Township, NJ. Once complete the 4.5 MW project will produce more than 6 million kilowatt-hours of electricity per year which will offset more than 4,300 metric tons of carbon dioxide or the equivalent of almost 11 million miles driven by a typical passenger vehicle.
“As a mission-focused financial institution, NCB has been active in renewable energy financing for over 15 years,” stated Matt Wright, NCB Senior Vice President. “We have developed a strong relationship with Syncarpha Capital and look forward to financing additional solar projects nationwide.”
“Working with a mission-focused bank that specializes in renewable energy is critical to our success”, stated Cliff Chapman, Co-Founder, and CEO of Syncarpha Capital. “NCB has been a great financing partner and we look forward to working with their team on more solar projects in the future.”