Enterprise Community Development secures $4.5 Million in solar financing
- MAREJ
- 12 hours ago
- 2 min read
Financing supports solar & storage across 25 Maryland properties
Baltimore, MD — Enterprise Community Development has closed on a $4.5 million revolving credit facility to expand solar energy and battery storage projects across 25 affordable housing communities in Maryland. The financing, provided by the Maryland Clean Energy Center through its Sustainable Energy Investment Fund (SEIF) and in partnership with the Maryland Energy Administration, positions Enterprise as one of the first affordable housing organizations in the nation to leverage this type of innovative clean-energy capital.
The facility will support Enterprise’s Clean Energy MD-I portfolio and allow the organization to immediately safe harbor all 25 project sites for the federal Investment Tax Credit (ITC). Structured as a five-year revolving note with a 3.5% interest rate, the fund is expected to be reused multiple times to support both acquisition-rehab and LIHTC redevelopment projects, helping the organization scale its clean-energy strategy across its 115-community portfolio.
Over the past several years, Enterprise has emerged as a national leader in community solar, advancing a multi-phase strategy to bring clean energy, cost savings and resilience to its affordable housing communities. Across Washington, DC and Maryland, Enterprise has already deployed more than three megawatts of solar, launched additional phases now underway and graduated nine residents from its Solar Installer Workforce Training Program. These investments reduce operating expenses, support long-term affordability and create new economic opportunities for residents, which are core pillars of Enterprise’s broader clean-energy and climate-resilience strategy.
“This financing marks a major milestone in our commitment to delivering clean, resilient and cost-saving energy solutions across our communities,” said John Fox, senior director of Clean Energy at Enterprise Community Development. “Maryland’s leadership in clean-energy financing and the partnership of MCEC and the Maryland Energy Administration allow us to advance projects that will have lasting benefits for residents. We’re excited to set a model that other affordable housing organizations can replicate nationwide.”
The closing follows more than a year of collaboration between Enterprise and the Maryland Clean Energy Center, beginning with MCEC’s Solar For All application back in 2023. Despite complex financing and regulatory hurdles, the transaction ultimately closed with terms closely aligned to the original concept—benefiting residents, reinforcing grid resilience and supporting state-level climate action.
Enterprise will continue exploring additional funding sources under similar terms to expand solar deployment across Maryland and future markets, advancing its vision for sustainable, equitable and resilient communities.
