CleanFund Closes Six More Transactions, Financing Solar Energy and Other Improvements for Commercial Buildings in California
- Property owners tap CleanFund’s new SolarPACE™ program for speedy access to capital
- Unique solar financing structure provides immediate tax, cash flow benefits, with convenient billing and payment through property taxes
SAN FRANCISCO (September 14, 2016) — CleanFund, the leading provider of long-term financing for energy efficiency, renewable energy, water conservation and seismic improvements to commercial and multifamily properties across the U.S., announced the closing of six California transactions. Property owners used CleanFund’s new SolarPACE™ program to finance renewable energy improvements to their properties. CleanFund provided approximately $3.5 million across the six transactions.
CleanFund (www.CleanFund.com) provides capital to fund projects using Property Assessed Clean Energy (PACE), a financing framework adopted in 33 states and the District of Columbia that allows property owners to repay investments for building upgrades and new construction on their property tax bills.
- Industrial/R&D Building (San Jose, Calif.)
CleanFund provided $481,128 in PACE financing to retrofit an existing 25,000 square foot industrial flex/R&D building with a roof-mounted solar array. CleanFund partnered with Silray, whose expertise in commercial solar solutions helped to develop the project. Both Silray and the non-U.S.-based investment firm that owns the building saw SolarPACE™ as the perfect solution to raising funds for the improvement that will reduce the building’s energy consumption by 34% and lower energy expenses by 15% in the first year. The project is currently under construction and when complete will be cash flow positive immediately.
- Camelot Theatre (Palm Springs, Calif.)
CleanFund provided $796,000 in PACE financing to the historic Camelot Theatre in Palm Springs. Camelot Theatre was built in 1967 and continues to function as an independent art house theater in Palm Springs. The PACE proceeds will be utilized to install a 74kW roof mounted solar system, six new HVAC units, and five thermal energy storage systems. The Camelot Theatre saw PACE as an effective funding vehicle for capital that otherwise may have been difficult to raise. CleanFund closed financing for Camelot in 34 days, illustrating how simple and easy PACE can be compared to traditional sources of financing. Energy savings are projected to be 26% annually.
- Galey’s Marine Terminal (Bakersfield, Calif.)
A family run retail store since 1938, Galey’s Marine saw PACE as a way to preserve their existing capital to focus on building their business. CleanFund provided $721,000 in PACE financing to retrofit an existing office and retail building with a new reflective roof, a 138 kW solar array and a new HVAC system. The improvements will reduce property’s energy consumption by 97%.
More Information About CleanFund’s New SolarPACE™ Program
CleanFund’s SolarPACE program enables commercial property owners to achieve immediate positive cash flow, with a financing term of up to 30 years to match the expected life of solar PV systems.
SolarPACE financing helps property owners save significant amounts of money — whether or not the owners have the ability to adequately utilize all available tax benefits. This is because CleanFund’s SolarPACE program finances solar systems on a direct-ownership basis, as well as an indirect ownership basis utilizing a power purchase agreement. When a property is sold, SolarPACE financing and the future cash flow benefits transfer to the new property owner. In multi-tenant properties, both owners and tenants can share in the costs and benefits of solar energy using SolarPACE, which is normally not possible with self-financing or bank financing.
About CleanFund Commercial PACE Capital
CleanFund Commercial PACE Capital is the #1 direct provider of long-term financing for energy efficiency, water conservation, renewable energy and seismic improvements to commercial, multifamily and other nonresidential properties in the U.S.
With significant expertise in commercial real estate, finance, renewable energy and PACE policy, CleanFund is a direct provider of capital for Property Assessed Clean Energy, a financing structure adopted in 33 states and the District of Columbia that allows property owners to repay investments for building upgrades and new construction on their property tax bill.
CleanFund has the largest dedicated commercial PACE team in the industry. The company’s PACEDirect™ financing program enables property owners to install modern energy and water technology with no up-front cost, increasing property cash flows and value. For more information, please visit www.CleanFund.com.
Media contacts for more information:
Cary Brazeman, email@example.com, 310-205-3590
Victoria Ozols, firstname.lastname@example.org, 714-225-9043
Source: CleanFund Commercial PACE Capital.