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Aligned Climate Capital Closes $33M in Construction Financing for Delaware Community Solar Projects

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  • Live Oak Bank's Renewable Energy Lending team provided financing for Rifle Range Solar & Delaware Avenue Solar projects held within Aligned Solar Partners 6.
  • The two projects total approximately 11.8 MWdc & are expected to generate 18.2 million kWh annually.
  • Sites will serve an estimated 1,661 Delaware homes, avoid 11,100 metric tons of CO2 annually, & deliver $9 million in total savings over the project life.
  • Both projects are under construction & participate in Delaware's Community Energy Facility program, requiring 15 percent of subscribers to be low-income customers.
  • Aligned Climate Capital closed $33 million in construction financing for the projects through its ASP6 fund to support expansion amid expected summer electricity rate increases.
  • ReWild Renewables developed the sites while Solar Gaines handles construction, creating approximately 141 construction & installation jobs.
  • The projects benefit from the Investment Tax Credit under the Inflation Reduction Act, with Delaware Avenue Solar qualifying for an enhanced 10 percent bonus credit as an IRA-designated Energy Community.
  • The Delaware Avenue site was redesigned to protect a pre-contact archaeological site using surface-ballasted racking, above-ground cable management, & ballasted fencing to avoid subsurface work.
  • Live Oak Bank continues its partnership with Aligned, having previously financed six projects in Aligned Solar Partners 5 across Maine & New Jersey.