FCP PARTNERS WITH STANDARD SOLAR FOR 2.1-MEGAWATT ARRAY SYSTEM IN FORESTVILLE, MD
Arrays to Generate a Combined 2,120-Megawatt Hours of Clean Energy Annually at Holly Spring Meadows Apartments
FCP® on Saturday marked the completion of a 2.1-megawatt array system at Holly Spring Meadows Apartments in Forestville, MD in partnership with Standard Solar. The New Community Solar Energy Generation System consists of an 800-kilowatt (kW) carport array and a 921-kW rooftop array at the 224-unit apartment community, equivalent to offsetting the carbon emissions of 1.6 million pounds of coal or charging 182 million smartphones for a year. The system is comprised of 9 building arrays, 9 carport arrays, and 3 points of interconnection to the PEPCO electrical grid. This combination of roof and carport will generate a combined 2,120-megawatt hours of clean energy annually, allowing it to offset the demand of more than 300 homes. 50% of energy produced on site will be allocated to individuals of low to moderate income households.
Officials from FCP, Standard Solar, and New Columbia Solar participated in a ribbon-cutting event on Saturday, August 5th, marking the completion of the project’s installation. In addition, FCP, through its FCP Serves employee-led community outreach initiative, welcomed residents and their families with a Back-to-School Backpack event, giving away 75 backpacks stuffed with school supplies in what has become an annual event at communities throughout the company’s portfolio. FCP donated more than 800 backpacks throughout its apartment portfolio in the past year.
“In 2019, FCP began exploring renewable energy solutions that would provide greener homes and improve returns for our investors,” said FCP’s Dara Vaziri. “After two years of extensive due diligence, we partnered with New Columbia Solar for FCP’s first solar deal ever. New Columbia Solar has done a great job building an approximate 2.1-megawatt system that will power approximately 300 homes annually.”
“FCP is thrilled to be partnering with Standard Solar in our first solar array at Holly Spring Meadows,” said FCP’s Lollie Loflin. “This community solar project supports FCP’s robust energy savings strategies and reduces the overall carbon footprint of the community. Along with the exciting news on our energy strategies, we are thrilled to send our youngest residents off to school this year with new backpacks stuffed with school supplies!”
“It means a lot when you acquire a project in your backyard that not only promotes community involvement, fostering a sense of unity, but also brings the benefits of solar power to a broader audience, and that will also help your home state reach its renewable energy goals,” said Mike Streams, Chief Development Officer for Standard Solar. “The Holly Spring Meadows solar project will help offset electricity costs for residents and moves Maryland closer to meeting its goal of generating 50 percent of its energy from renewable sources by 2030. It also advances the state toward meeting the 14.5 percent carve-out for solar by 2028.”
As part of the Maryland Community Solar Pilot Program, this sizable project will expand the supply of energy available for the Community Solar Program, allowing more residents to sign up for discounted, renewable energy.
About FCP
FCP® is a privately held real estate investment company that has invested in or financed more than $12.4 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About Standard Solar
Standard Solar, a Brookfield Renewable company, is powering the nation’s energy transformation – channeling its project development capabilities, financial strength and technical expertise to deliver the benefits of solar, as well as solar + storage, to businesses, institutions, farms, governments, communities and utilities. Building on 18 years of sustainable growth and in-house and tax equity investment capital, Standard Solar is a national leader in the development, funding and long-term ownership and operation of commercial and community solar assets. Recognized as an established financial partner with immediate, deep resources, the company owns and operates more than 350 megawatts of solar across the United States. Standard Solar is based in Rockville, Md. Learn more at standardsolar.com, LinkedIn and Twitter: @StandardSolar. For project acquisition and development inquiries, contact Michael Streams, 310-497-2134, michael.streams@standardsolar.com and on LinkedIn.