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ANNAPOLIS – The Maryland Clean Energy Center (MCEC) is proud to announce the closing of a $1.36 million bridge loan, the first transaction under the Bridge Finance Facility (BFF). The BFF is funded by the Maryland Energy Administration (MEA) through the Strategic Energy Investment Fund (SEIF).
This catalytic bridge loan to King Energy Services Inc. supports the development of a seven-project, 5.22 MW community solar portfolio spanning Prince George’s, Howard, Baltimore, Harford, and Anne Arundel Counties.
“This investment demonstrates how the strategic use of SEIF funding allows MCEC to provide the essential capital needed to move clean energy projects from the planning phase to reality,” said Kathy Magruder, Executive Director of the Maryland Clean Energy Center. “By bridging the gap for developers like King Energy, we are not only advancing the climate goals in Maryland but also ensuring that the benefits of clean energy reach those who need them most.”
Once operational, the seven-project portfolio is expected to serve up to 1,000 households as community solar subscribers. These participants will receive credit on their monthly utility bills, reducing their energy costs by 20%. In alignment with program requirements, at least 51% of the capacity will be allocated to low- and moderate-income (LMI) subscribers.
“These seven community solar projects will provide clean, local power to Marylanders across the state who are currently facing rising energy costs,” said Maryland Energy Administration Director Kelly Speakes-Backman. “Community solar delivers the many benefits of solar energy to those who rent their homes or cannot install solar panels on their own properties. The Maryland Energy Administration is proud to support MCEC in expanding access to lower cost, clean energy.”
Projected Annual Benefits:
Funding Opportunities
For more information about the financing process or to speak to the Maryland Clean Energy Center about a project, please reach out to info@mdcleanenergy.org.
1 Comment
Another Maryland government boondoggle. Yet another state handout when our state budget is in the toilet, given by some agency no one has heard of…
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