PSM Greenpoint Solar Project
The PSM Greenpoint Solar Project was funded with $150,990 from the proceeds from the PSM Energy NY 1 LLC Tax Equity offering and a loan from Solar Energy Systems, LLC. Ten investors participated in this tax equity offering. The Project became operational in 2015 and provides power to the occupants of GMDC's mixed-use community, including small manufacturing enterprises, artisans and artists. Over the 20-year term of the project, the solar project is expected to reduce carbon emissions by an amount equivalent to using 100,000 gallons of gasoline, the electricity used by six homes, or the carbon sequestered by 37 acres of forest.
Project Company and Security Issuer
PSM Energy NY 1 LLC
Estimated Annual Production
68,000 kWh in Year 1
This property is occupied by small manufacturing enterprises and artisans. It is part of a redevelopment to foster local jobs and to preserve a mixed-use community. Over the 20-year term of the project, the solar project is expected to reduce carbon emissions by an amount equivalent to using 100,000 gallons of gasoline, the electricity used by six homes, or the carbon sequestered by 37 acres of forest.
Solar Project Host and Power Customer
Greenpoint Manufacturing and Design Center (GMDC) is a not for profit with over 20 years of successfully reclaiming higher paying urban industrial jobs. GMDC, whose motto is "Buildings that Work", is the only nonprofit industrial developer in New York City. Since its inception in 1992, GMDC has rehabilitated six manufacturing buildings for occupancy by small manufacturing enterprises, artisans and artists. Together, these buildings represent more than half a million square feet of space and are occupied by more than 100 businesses employing more than 500 people. In November 2012, GMDC acquired the building at 1102 Atlantic Avenue, a former auto parts warehouse facility, and renovated it into a multi-tenanted manufacturing center to LEED Silver standards that provide space for small and mid-sized manufacturers.
GMDC is also purchasing the power produced by the Project.
Founded in 1998, Solar Energy Systems, LLC (SES) is a leading integrator of commercial solar projects in the Northeast. SES has installed and maintains almost 20 MWs of solar projects and has twice been recognized for Outstanding Performance the New York State Energy Research and Development Authority (NYSERDA). It is the first clean-tech investment by the New York City Investment Fund (NYCIF.org), a private fund with a civic mission.
SES served as the EPC Contractor for the Project.
SES serves as the O&M Contractor for the Project.
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