Main Street Power
34 Sites Across Colorado

GOAL
Provide reduced cost power to low income communities and job opportunities/training to under-employed residents.
CHALLENGE
Providing low cost power while supporting green job creation and training programs.
OUTCOME
Created and/or maintained approximately 45-55 jobs, provided for the training of 10 low income persons, and provided solar education to over 600 K-12 students. Financial savings of $2.76 million to local governments, and annual carbon emissions reductions of 2,908 tons.

The Rose Urban Green Fund, LLC (RUGF), a CDFI-certified Community Development Entity (CDE), contributed a $9 million allocation of New Markets Tax Credits (NMTCs) to Main Street Power Company, Inc. (MSP) for the installation of solar photovoltaic (PV) energy generating systems for 35 government agency buildings in highly distressed Low Income Communities across Colorado. The $18.5 million project was financed in partnership with the Colorado Housing and Finance Authority’s CDE, equity provided by U.S. Bank, a leveraged loan from Morgan Stanley Solar Holdings, and 1603 Treasury Grants in lieu of tax credits for renewable energy production. MSP collaborated with the City and County of Denver, the County of Pueblo, Denver Public Schools and the Colorado Department of Corrections to install PV panels on their agency buildings and to offer renewable energy at a structured, low cost to the participating local governments.

This project meets RUGF’s mission to support the creation of green jobs and the production of renewable energy. MSP contracted the construction, installation, and maintenance of the systems to local companies. MSP also partnered with community development agencies and community colleges to offer workforce training to unemployed and underemployed individuals. Subcontractors hired graduates of solar installation training programs. In total, the project created 58 installation jobs, 12 apprenticeships and 6 permanent jobs. Notably, MSP trained 24 prisoners, who installed panels at the CO Department of Corrections sites.

This project will significantly decrease the financial burden currently facing local and state governments by providing approximately 10 to 20% or $2.76 million in total energy cost savings over 20 years. In addition, MSP provided a solar curriculum, including real time system tracking and solar car kits, for 700 Denver Public Schools k-12 students.

msp1
msp2msp3msp4
msp2_thumbmsp3_thumbmsp4_thumb

> View the Next RUGF Project

pdf Click to Download a Printable Version

RUGF Role
CDE Allocation of $9mm in New Market Tax Credits

Project Profile
Ground and roof solar photovoltaic (PV) panel installations on 34 government agency buildings across Colorado.

Total Project Size / Budget
2.88 MW / $18.5 million

Completion
2011

Community Benefits
Job Creation
Job Training
Environmental Benefits
Reduced Energy Cost
Exposure to Green Technology

NMTC Investor
U.S. Bank CDC

Leverage Lender
Morgan Stanley Solar Holdings

CDE Partner
Colorado Housing Finance Authority (CHFA)