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PACE in Utah: First project funded in Utah

SALT LAKE CITY, July 1, 2015 /PRNewswire/ — Celtic Bank is pleased to announce that it has funded the first commercial project utilizing PACE in the state of Utah. Proceeds from the bond issuance will be used by Hunt Electric to construct a solar canopy utilizing smart grid technology at their offices in West Valley City, UT. Celtic Bank worked in conjunction with Hunt Electric, Utah Clean Energy, and the Governor’s Office of Energy Development to bring the PACE funding structure to Utah.

“Celtic Bank has made a commitment to investing in renewable energy projects; we are actively investing in projects across the country utilizing a number of different funding structures. PACE is a structure we have worked with in other states and we are excited to be a part of bringing it to Utah.” said Jake Barney, Chief Financial Officer of Celtic Bank.

PACE (Property Assessed Clean Energy) is a unique financing vehicle offered by local governments in states with PACE enabled legislation.  PACE allows property owners to finance 100% of the costs for up to 20 years to make energy efficient upgrades or renewable energy updates to their buildings. Because of the attractive terms available through PACE, building owners are typically able to increase their net operating cash flow from day one.

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