COLLEGE PARK, Md. — The Maryland Clean Energy Center (MCEC) has finalized a revolving line of credit for Centennial Generating Company LLC (Centennial) through its Climate Catalytic Capital (C3) Fund. This financing will support preconstruction activities for a diverse six-project, 13 MW solar portfolio that includes commercial rooftops, a Brownfield site, and the first floating solar installation in Maryland. The floating solar project will be installed on a water retention pond at an industrial facility. In addition to generating electricity, the project also conserves water by reducing evaporation and provides shade, which limits algae growth.
With its roots in Maryland, and an office in Baltimore, Centennial has been an active developer in the state since 2020. This latest investment from MCEC will facilitate the construction of new solar projects across the service territories for BG&E, PEPCO, and SMECO. Once operational, the portfolio is expected to generate 21,910 MWh of clean energy annually, enough to power approximately 1,807 homes.
“This transaction illustrates the essential role of a green bank in providing the capital necessary to advance clean energy infrastructure,” said Anmol Vanamali, Chief Investment Officer, for MCEC. “By providing this revolving line of credit, MCEC is helping Centennial overcome preconstruction financing gaps to deploy innovative technologies while ensuring the benefits of renewable energy reach underserved communities.”
The floating solar component of the portfolio benefits from legislation passed by the Maryland General Assembly in 2024 (HB 1111). Centennial has partnered with D3Energy, a specialist in floating solar development, to execute this project. Additionally, the portfolio includes projects on Brownfield sites, repurposing land that would otherwise remain unusable.
“The revolving facility with MCEC accelerates Centennial’s deployment of solar projects across Maryland, providing lower electricity costs to households and businesses while creating high-quality local jobs,” said David John Frenkil, Founder and Managing Principal of Centennial. “We are excited to install, own and operate the first floating solar project in Maryland and remain committed to ensuring that the majority of the electricity generated lowers power bills for low-to-moderate income households.”
The project will have the following community impact:
- Energy Equity: Approximately 722 low-to-moderate income (LMI) households will be eligible for a 20% discount on electricity, reducing their annual energy burden by an average of $630 per year.
- Emissions Reduction: The portfolio is projected to avoid an estimated 14,300 tons of CO2 emissions annually, displacing 22 GWh of regional fossil fuel generation.
- Job Creation: This investment is expected to support the creation of up to 166 full-time equivalent (FTE) jobs.
- Land Stewardship: By utilizing commercial rooftops, floating systems, and Brownfield sites, the portfolio minimizes the impact on agricultural land.
The successful closing of this revolving line of credit will support Centennial’s preconstruction activities and help maintain a robust development pipeline, enabling the company to contribute to Maryland’s clean energy and climate goals.
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