About the Project:

Free Rein Farm, LLC, is a small, independent boarding and horseback riding facility located at Oatland Stables in Gaithersburg, Maryland within the County’s Agricultural Reserve. Duo husband and wife owners, Michael and Jessica Chapman, are developing a 1.5 MW ground-mounted, solar photovoltaic system located on an interior portion of the 83-acre farm.

Horses on the farm will share the solar installation with 1.5 acres of new plantings of native tree and shrub species.  Land beneath the arrays will be covered in pollinator-friendly plants in accordance with Montgomery County agrivoltaics standards.

The solar installation will supply the farm with long-term sustainable clean energy and reduce maintenance costs of an underutilized area of the property. Furthermore, the installation will sell 200 community solar subscriptions through partner Neighborhood Sun, where approximately 70 will be available at a discount to low- and moderate-income residents.  Altogether, the solar project will offset over 1,300 metric tons of greenhouse gas emissions annually.

The project is anticipated to be completed by the end of 2024.

Financing Details

The solar project will be financed by the owners’ equity investment, tax credits, and through a seven-year loan from the Montgomery County Green Bank and the Enterprise Community Loan Fund.

Montgomery County Green Bank’s Role

The Montgomery County Green Bank has worked closely with Free Rein farm during the development process to help facilitate the project and a financial structure that made economic sense.  Alongside the owner’s equity investment, the Montgomery County Green Bank provided a $3,000,000 direct loan to Free Rein Farm in conjunction with Enterprise Community Loan Fund to cover the development, installation, and operation of the solar system.

This loan will be paid down in part once the owners receive the anticipated investment tax credit.  The project has partnered with Neighborhood Sun, who will sell approximately 200 subscriptions from the estimated annual production of 1.91 million kWh.

Project Snapshot

Building Type:

A farm in the Agricultural Reserve area of Montgomery County.

Property Upgrade Summary:

Installation of a 1.5 MW community solar facility on an interior portion of an 83-acre horse farm with Aurora Energy.

Loan Amount:

The loan from Montgomery County Green Bank and Enterprise Community Loan Fund totaled $3,000,000.

For those who have complex financing needs that cannot be solved with conventional financing or lending, the Tailored Structured Financing program provides a customized financing solution for clean energy projects.