GAITHERSBURG, Md., May 21, 2025 /PRNewswire/ — ORLO (Orlo), a leading multifamily and commercial property real estate developer, today announced the final close of a $3.4 million tax credit transfer purchase agreement for the rooftop solar installation at their Seneca Village apartment complex. The transaction was facilitated by Concentro, which sourced the corporate tax credit buyer and provided comprehensive diligence and legal support throughout the deal.
The 2.2 MW solar array, spanning 58 roofs, represents the largest rooftop solar deployment on an affordable multifamily property in Montgomery County, Maryland. The project will generate 2.5 million kilowatt-hours of clean electricity annually, offsetting more than 2,000 metric tons of greenhouse gas emissions. The project qualified for a 10% low income community Investment Tax Credit (ITC) adder under the Inflation Reduction Act (IRA) and received catalytic funding support from the Montgomery County Green Bank.
“This project is exactly what the IRA was designed to enable—clean, renewable energy reaching the communities that need it most,” said Inigo Rengifo Melia, CEO of Concentro. “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.”
“This project reflects Orlo’s commitment to combining smart real estate development with meaningful environmental impact,” said Jeff Shinensky, CIO of Orlo. “By leveraging the IRA and working alongside mission-driven partners, we’re proving that affordable housing and clean energy can go hand in hand.”
“When we invest in climate solutions, we invest in the prosperity of Marylanders up and down the economic spectrum,” remarked Maryland Governor Wes Moore at the groundbreaking of the project in 2023. “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.”
About Concentro
Concentro is a platform helping clean energy developers monetize tax credits through transferability, with a focus on DG assets. They take a differentiated high touch approach managing the entire end-to-end process from running diligence to providing full-wrap insurance, making it effortless for small-mid sized projects to transact. They have $750M+ in credits from 100+ developers and are backed by top-tier investors. To learn more, visit www.concentro.io.
SOURCE Concentro, Inc.
