Rocky Hill, CT (PRWEB) May 19, 2014
The Clean Energy Finance and Investment Authority(CEFIA), Connecticut’s green bank, and Clean Fund, a specialty Property Assessed Clean Energy (PACE) finance provider, today announced the securitization of a portfolio of CEFIA-financed Commercial Property Assessed Clean Energy transactions. The sale, which will fund a total portfolio of $30 million of commercial PACE benefit assessment liens financed through a conduit structure. The Public Finance Authority is the issuer of the bonds which have been purchased by Clean Fund and CEFIA.
PACE allows property owners to access 100 percent up-front financing 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.
“The sale of this initial portfolio of PACE liens to Clean Fund is the latest step in our effort to attract and deploy private capital here in Connecticut supporting energy efficiency and renewable energy opportunities,” said Bert Hunter, chief investment officer of CEFIA.
“Some of the greatest value of the sale has been our enhanced understanding of how private capital providers currently value these low-risk, secure transactions. The bottom line is that PACE is working for building owners who are seeing energy improvements deliver substantial savings and PACE is working for investors who see the security of the financial structure of PACE and are willing to invest in Connecticut.” Read more.