The acquisition is part of a larger programme by the company in which it continues to expand its larger asset acquisitions. The four projects will serve a combination of local corporate, municipal, and non-profit organisations. In addition, the projects will benefit a number of low to moderate income participants.
“We’re thrilled to help strengthen Colorado’s economy with clean, reliable solar energy and are equally excited to complete our first strategic acquisition” said Jon Morton, VP of Acquisitions at DSD. “By combining our strong financial partnerships with growing market opportunities across the country, we believe DSD can immediately bring value to development partners and diversify our origination portfolio through new acquisitions. The Oak Leaf projects offer a unique mix of subscribers and we look forward to serving them and the surrounding communities for many years to come.”
Caitlin Rood, National Environmental Sustainability Director at Mercy Housing, added that the company is thrilled to be able to purchase 120 percent of its common area energy consumption for seven of its properties in the Denver-metro area from community solar arrays financed by DSD and that community solar allows it to purchase all of the energy used in the common areas of its affordable housing properties while saving money and benefitting the local environment. In addition, it is so much easier and cost effective than rooftop solar because there are significantly reduced internal and external approvals needed, and economies of scale realised. Ms Rood said Mercy Housing would implement community solar across its whole portfolio if the company had opportunities like this.
All discretionary permitting for the four projects is complete and construction will begin this summer, with commercial operation dates planned for late 2020.
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