Clean Fund Purchases $30M PACE Portfolio
Connecticut’s Clean Energy Finance and Investment Authority (CEFIA) sold Commercial Property Assessed Clean Energy (PACE) liens to Clean Fund. The sale will fund a total portfolio of $30 million of commercial PACE benefit assessment liens issued by the Public Finance Authority.
PACE allows property owners to access capital for energy efficiency and renewable energy improvements on their buildings. A lien is attached to the building and the owner repays the investment through an additional charge on their property tax bill.
Connecticut’s PACE program was launched in 2013 and is active across 80 municipalities in the state. CEFIA established a $40 million financing warehouse to underwrite commercial PACE transactions throughout Connecticut.
CEFIA uses a technical review process and underwriting platform managed by Sustainable Real Estate Solutions to quantify potential energy savings and to mitigate financing risk.
The program has closed on 23 projects and approved an additional 10, representing an investment of $30 million across 25 municipalities. These projects include a combination of energy efficiency, clean distributed generation and hybrid projects. The portfolio represents a lifetime energy savings equivalent of $40 million. With an additional 75 projects in the pipeline, financing of up to $75 million is anticipated by the end of 2014.
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