NORTHAMPTON, MA / ACCESSWIRE / June 20, 2024 / U.S. Bank:
U.S. Bancorp Impact Finance provided $2.92 million in equity
According to Volt, the solar projects are expected to generate nearly 35,000 megawatt hours of solar energy - which will avert more than 23,000 metric tons of carbon.
Originally published on U.S. Bank company blog
The future is even brighter at Howard University in Washington, D.C., now that solar photovoltaic systems are installed on six campus buildings. Led by Volt Energy and partially financed by U.S. Bancorp Impact Finance, the roof-mounted solar systems are on the Blackburn Center, Burr Gymnasium, Locke Hall, the School of Business and School of Engineering buildings, as well on top of a carport canopy at the university's law school.
"The Howard Forward strategic plan has effectively cultivated a culture of sustainability on campus. Through collaborative partnerships with Volt Energy, and support from U.S. Bank, we are poised to elevate our achievements by establishing a dedicated energy grid," said Howard University Executive Vice President and Chief Operating Officer Dr. Tashni Dubroy. "Embracing clean energy solutions not only enables cost savings, but it also facilitates a significant reduction in carbon emissions. This initiative represents a crucial step in addressing the historical burden of environmental injustices disproportionately affecting communities of color."
Volt Energy is a Black-led renewable energy developer and independent power producer. The company's Co-Founder Gilbert G. Campbell III said, "We express our deep gratitude to U.S. Bank for their grant and tax equity investment, enabling our firm to become long-term owners of Howard's 1.7 Megawatt (MW) solar project. As a Howard alumni, I am thrilled to provide clean solar energy to buildings across the campus. It is paramount for our company that students witness the benefits of clean energy and understand how they can build wealth in the clean energy economy."
Impact Finance is one of the most active renewable energy investors in the nation, providing needed capital for solar, battery storage and wind projects.
Impact Finance committed $2.92 million in equity to the project and provided strategic and technical support throughout the deal. Additionally, DC Green Bank financed the project with a construction loan and is in the process of closing on permanent debt financing.
"We share Volt's passion for equitable outcomes in solar," said Darren Van't Hof, who serves as Impact Finance's managing director of environmental finance. "It's great to see our dedicated teams work through the financing and implementation of renewable energy projects and achieve these rewarding results for the university."
Impact Finance is one of the most active renewable energy investors in the nation, providing needed capital for solar, battery storage, and wind projects. The U.S. Bank subsidiary has invested more than $18.9 billion in tax equity; provided capital that has supported the deployment of 24.70 gigawatts of renewable generating capacity; and has a $956.6 million renewable energy loan commitment as of the end of first quarter 2024.
"I see sustainability for this university as something that everyone partakes in and care about," said Kimora Oliver, a student sustainability leader. "HUSA Sustainability has been trying to bring it to the forefront of students minds through both events and projects. We want people to think of sustainability as something other than just climate change. We want people to know that they can be sustainable on campus and that there's a place for people who are interested in the environment. Although it's taking a lot, we are working with the university on bigger projects like recycling infrastructure as well as composting."
According to Volt, the solar projects are expected to generate nearly 35,000 megawatt hours of solar energy - which will avert more than 23,000 metric tons of carbon.
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SOURCE: U.S. Bank
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