ORLO, a prominent real estate developer specializing in multifamily and commercial properties, has successfully finalized a $3.4 million tax credit transfer purchase agreement to support a major rooftop solar installation at its Seneca Village apartment complex. The agreement was made possible through the expertise of Concentro, which facilitated the transaction by identifying the corporate tax credit buyer and managing the due diligence and legal processes.
The solar project at Seneca Village features a 2.2 MW rooftop array distributed across 58 buildings, making it the largest rooftop solar installation on an affordable multifamily housing complex in Montgomery County, Maryland. The system is expected to produce 2.5 million kilowatt-hours of clean energy each year, significantly reducing the property’s carbon footprint by offsetting over 2,000 metric tons of greenhouse gas emissions annually.
The project qualified for a 10% low-income community Investment Tax Credit (ITC) adder, made available through the Inflation Reduction Act (IRA), providing a critical incentive for deploying renewable energy in underserved areas. In addition, the Montgomery County Green Bank played a key role by offering catalytic funding support to help bring the project to completion.
Inigo Rengifo Melia, CEO of Concentro, “This project is exactly what the IRA was designed to enable clean, renewable energy reaching the communities that need it most. We’re proud to support solar financing for affordable housing, reducing energy costs for low-income residents while accelerating the transition to a more equitable and sustainable energy future.”
Jeff Shinensky, CIO of Orlo, stated, “This project reflects Orlo’s commitment to combining smart real estate development with meaningful environmental impact. By leveraging the IRA and working alongside mission-driven partners, we’re proving that affordable housing and clean energy can go hand in hand.”
Maryland Governor Wes Moore at the groundbreaking of the project in 2023, mentioned, “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 and together we will take the necessary steps to protect our environment for generations to come.”
This milestone reflects ORLO’s commitment to integrating sustainability into affordable housing development and leveraging financial innovations like tax credit transfers to support clean energy adoption. The Seneca Village project stands as a model for how real estate developers, financial institutions, and public partners can collaborate to accelerate the transition to renewable energy in the housing sector while delivering tangible environmental and community benefits.
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