Industry Offers Alternative Financing for Clean Energy and Economic Development

WASHINGTON, April 26, 2023 /PRNewswire/ -- C-PACE Alliance (CPA), the national association focused on clean energy and economic development financing through Commercial Property Assessed Clean Energy (C-PACE) programs, announced today the honorees of its C-PACE Alliance Awards in six categories. C-PACE financing is an alternative form of financing that enables property owners to pay for energy-efficiency improvements and renewable energy equipment. To date, C-PACE financings have topped $4.9 billion in thousands of commercial projects.

• C-PACE Environmental Impact Deal of the Year: Hotel Marcel in New Haven, CT, financed by Nuveen Green Capital and developed and designed by Becker+Becker, is the first anticipated net-zero hotel and passive house-certified hotel in the United States. The hotel utilized C-PACE to finance a large-scale solar array that will generate its own electricity with lifetime energy savings exceeding 160,290 million BTUs and 7,854 tons of CO₂.

• C-PACE with ESG Benefits: Small Transaction Category: The PAE Building in Portland, OR will be the largest urban commercial "Living Building" in the world; fulfilling the seven aspects of the Living Building matrix. The building features cutting-edge design possibilities to inspire clients to adopt these practices. PACE Loan Group funded the project.

• C-PACE with ESG Benefits: Large Transaction Category: The historic Armory in St. Louis, MO underwent a $60 million renovation and now is a successful venue for people to gather, eat, drink, and play. Efficiency measures in the building will save $43 million. The financed by Twain Financial Partners and administered by Michigan Energy Initiative.

• C-PACE Deal-of-the-Year. The Black Desert Resort in southern Utah, financed by Petros PACE Finance, is the largest C-PACE transaction to date. As part of a $820 million development, the 580-acre resort used $153 million in C-PACE proceeds demonstrating that investors and property owners are comfortable using C-PACE in large complex projects.

• Innovation in Efficient Financing Award. In 2022, PACE Equity, under the leadership of Beau Engman, CEO, launched a new product, CIRRUS Low Carbon™, to encourage improvements in building designs that push beyond current building codes to a higher level of energy efficiency. CIRRUS Low Carbon™ rewards developers/owners with a significant interest rate reduction if their designs meet a lower carbon design specification.

• C-PACE Policy and Program Improvements: Michael Yaki has written or co-written C-PACE legislation in several states, including Washington, Tennessee, and Nevada. In 2022, several transactions closed in Washington, and the first transactions closed in Tennessee. Michael led the campaign to open C-PACE in Clark County in Nevada. Michael is one of the C-PACE industry's most knowledgeable experts, and he is always helpful in sharing his expertise.

C-PACE Alliance (www.c-pacealliance.com) is an association of capital providers and transaction experts who invest in or professionally advise on the vast majority of C-PACE financing nationally.

SOURCE C-PACE Alliance