en.Wedoany.com Reported - Aligned Climate Capital, through its Aligned Solar Partners 6 (ASP6) fund and with support from Live Oak Bank's renewable energy lending team, has completed $33 million in construction financing for two community solar projects in Delaware. Located at Rifle Range Solar in Bridgeville and Delaware Avenue Solar in Harrington, both projects are now under construction and participate in Delaware's Community Energy Facility Program, which requires at least 15% of subscribers to be low-income customers.
Given the expected rise in electricity prices in Delaware this summer, community solar projects are seen as a timely opportunity to expand local access to clean energy. Peter Davidson, CEO of Aligned Climate Capital, stated that community solar is a vital part of the national energy infrastructure, providing clean electricity near the communities it serves. Live Oak Bank understands how to finance such projects, and its support will help bring both projects into commercial operation.
The two projects are expected to generate approximately 18.2 million kilowatt-hours of electricity annually, enough to meet the power needs of about 1,661 households in Delaware. Developed by ReWild Renewables and constructed by Solar Gaines, the projects are also expected to create around 141 construction and installation jobs.
Live Oak Bank previously provided financing for six projects under Aligned Climate Capital's fifth infrastructure fund, Aligned Solar Partners 5, in Maine and New Jersey. This support for the Delaware projects continues the partnership within the ASP fund series. Jennifer Williams, Managing Director of Live Oak Bank's Renewable Energy Lending Division, noted that these projects bring local jobs, carbon emission reductions, and electricity cost savings to communities like Bridgeville and Harrington.
Both projects benefit from the Investment Tax Credit under the Inflation Reduction Act. Delaware Avenue Solar also qualifies for a higher credit rate due to its location in Kent County, an energy community designated under the Inflation Reduction Act—an area with historically high fossil fuel employment and above-average unemployment, meeting the criteria for a federal 10% bonus credit.
The Delaware Avenue project required redesign after a mandatory environmental review uncovered a pre-contact period archaeological site. Aligned Climate Capital and Solar Gaines, in coordination with the Delaware State Historic Preservation Office, the U.S. Department of Agriculture, and relevant tribes, adopted surface ballast mounts, above-ground cable management, and ballast fencing to avoid underground construction in sensitive areas. The site was fully preserved, and the USDA noted that this approach could serve as a potential model for future projects with similar site constraints.
Aligned Solar Partners focuses on distributed solar, energy storage, and other clean energy projects. Its strategy includes acquiring shovel-ready distributed solar projects from development partners, financing their construction, and managing assets through operations. For ASP6, Aligned Climate Capital collaborates with commercial banks, government loan programs, and other partners to secure construction and long-term debt financing after projects enter exclusivity periods.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
