Geothermal Facilities – NY Green Bank

SPR represented a lender as sole counsel for a $20MM loan with Good Carbon Co. to support the installation of geothermal heating and cooling systems at a portfolio of multifamily affordable housing developments in the Buffalo, New York region. The facility bridges both New York State incentives and ITCs, and is the first ITC transferability bridge loan for geothermal heating and cooling technology. SPR’s work included the review of construction, permitting, state incentives, and tax credit regimes in approving projects and determining deal structures.