Bethesda’s Neighborhood Sun acquires New York community solar company

Bethesda-based Neighborhood Sun Benefit Corp., which connects customers to local solar farms, announced Monday that it acquired New York-based Meadow Energy, which operates under a similar model.

The move “puts Neighborhood Sun in a very strong position for growth and further consolidation in the industry,” CEO Gary Skulnik, who founded the company in 2016, said in a press release.

The company, which operates in Maryland, eight other states and Washington, D.C., will quadruple its capacity in New York as a result of the acquisition, according to the release.

Community solar companies allow renters and others who can’t install their own solar panels to subscribe to a local solar farm. Individuals and nonprofits get credits on their electric bills, but their power continues to be delivered through their utility.

Florida-based Climate First Bank, which focuses on environmentally sustainable projects, is the senior lender for the deal, the terms of which were not disclosed.

“Neighborhood Sun’s laser focus on increasing access to solar savings in low- and moderate-income communities is literally converting our beliefs into practice,” said Hana Freymiller, a senior vice president at the bank.

“Together, we have the opportunity to accelerate progress toward fighting climate change and creating true American energy independence,” Freymiller said.

The acquisition brings Meadow’s 67 projects and more than 30,000 subscribers under Neighborhood Sun’s management, giving the Bethesda company a total of more than 200 community solar projects.