Largest-ever PACE Transaction Closed at $40 Million
Today,
Renew Financial administered the project through the CaliforniaFIRST PACE Program. CleanFund originated the transaction, bringing in PETROS and each provided
"This is the largest C-PACE financing in history and would not have been possible without the hard work of the CleanFund teams, as well as our partners at Verity, Renew and Petros," said CleanFund CEO
"This is a milestone event in our industry," said Petros CEO
Seismic retrofits to
"This project highlights the incredible power of PACE to upgrade critical building infrastructure like our nation's hospitals," said Renew Financial CEO
The partnership – with two PACE providers jointly funding a commercial project – was a first of its kind. CleanFund, Petros, and Renew Financial worked with a number of additional parties to complete the transaction, including the Verity legal department, the law firms of
"CSCDA is proud to support its member cities and counties by offering PACE as an innovative financing tool to fund critical infrastructure needs," said
The investment will help meet state standards and improve the safety of the
About CleanFund
About Petros PACE Finance
About
Founded in 1893,
About Renew Financial
Renew Financial is one of the nation's leading home improvement financing companies. Renew Financial provides multiple financing products across the country, with programs available in several states, including Property Assessed Clean Energy (PACE) programs operating in
Renew Financial is a pending trademark of
About PACE
Property Assessed Clean Energy (PACE) is a financing mechanism that enables low-cost, long-term funding for energy efficiency, renewable energy and water conservation projects. PACE financing is repaid as an assessment on the property's regular tax bill, and is processed the same way as other local public benefit assessments (sidewalks, sewers) have been for decades. Depending on local legislation, PACE can be used for commercial, nonprofit and residential properties. For more information, visit http://pacenation.us/.
Read the full story at http://www.prweb.com/releases/2017/05/prweb14360365.htm
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