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Orlo's Innovative Solar Project for Affordable Housing

In a landmark transaction, Orlo, a prominent developer in the multifamily and commercial real estate sectors, has successfully completed a $3.4 million tax credit transfer agreement linked to a solar energy initiative at the Seneca Village apartment complex. The transaction, orchestrated by Concentro, involved meticulous sourcing of a corporate tax credit buyer along with legal and logistical support, setting a new precedent in the realm of clean energy integration within affordable housing.

Highlights of the Project

The solar array, boasting a notable capacity of 2.2 MW, is spread across 58 rooftops, making it the largest of its kind in Montgomery County, Maryland, specifically targeted at affordable multifamily properties. Upon full activation, this installation is projected to generate an impressive 2.5 million kilowatt-hours of clean energy each year, effectively contributing to the mitigation of over 2,000 metric tons of greenhouse gas emissions. This groundbreaking project has qualified for a 10% Investment Tax Credit (ITC) enhancement under the Inflation Reduction Act (IRA), receiving essential financial backing from the Montgomery County Green Bank.

Impact on the Community

Inigo Rengifo Melia, CEO of Concentro, articulated the project's alignment with the objectives of the IRA, emphasizing the importance of delivering clean and renewable energy to underprivileged communities. He stated, “This project is exactly what the IRA was designed to enable—clean, renewable energy reaching the communities that need it most. Our commitment to solar financing for affordable housing is reducing energy costs for low-income residents while fostering a transition towards more sustainable energy practices.” This sentiment reiterates the notion that responsible energy investments can indeed champion social equity.

Jeff Shinensky, Chief Investment Officer of Orlo, echoed this perspective, emphasizing the strategic role of environmental sustainability in real estate development. He remarked, “This project reflects Orlo's commitment to combining smart real estate development with meaningful environmental impact.” By leveraging the IRA's financial incentives and collaborating with mission-oriented partners, the organization is demonstrating that the goals of affordable housing and clean energy are not mutually exclusive.

Support from State Officials

The project has garnered commendation from local government officials, including Maryland Governor Wes Moore. At a groundbreaking event held in 2023, he noted, “When we invest in climate solutions, we invest in the prosperity of Marylanders up and down the economic spectrum. Projects like this will solidify our clean energy future in Maryland.” Governor Moore's remarks underscore the project’s potential to have a lasting positive effect on the state's energy landscape, presenting a unified front in the fight against climate change and paving the way for responsible environmental stewardship.

The Role of Concentro

Concentro emerges as a crucial player in this narrative, functioning as a crucial platform for clean energy developers. By aiding in the monetization of tax credits through transferability, their support streamlines the financing processes for small and mid-sized solar projects, making it simpler for developers to engage in impactful environmental initiatives. To date, Concentro boasts over $750 million in tax credits sourced from more than 100 developers, backed by trusted investors within the sector.

Conclusion

In conclusion, Orlo’s recent transaction exemplifies how innovative partnerships and strategic investments in solar energy can promote both economic and environmental benefits, particularly within affordable housing spheres. As communities strive for sustainability, initiatives like these represent a beacon of hope, heralding a future where clean energy and social equity coexist harmoniously. For additional insights into their groundbreaking endeavors, visit Concentro's website.