Renew Financial’s Commercial PACE C-PACE Platform Facilitates $40 Million Seismic Retrofit of Seton Medical Center

By a News Reporter-Staff News Editor at Energy Weekly News -- Renew Financial, a leading clean energy finance company, announced the close of the largest Commercial PACE transaction in history, a $40 million earthquake retrofit upgrade for Seton Medical Center in Daly City, California. The project will provide funds necessary for Seton Medical Center to meet California's earthquake retrofitting requirements mandated by the Hospital Facilities Seismic Safety Act (SB 1953). The project was made possible by a collaboration that included CleanFund Commercial PACE Capital, Petros PACE Finance, the California State Community Development Authority (CSCDA), Renew Financial and the client, Verity Health Systems. CleanFund Commercial PACE Capital originated the project and provided $20 million. Petros PACE Finance, which was brought into the project by CleanFund Commercial PACE Capital, also provided $20 million. This is the largest commercial project ever financed with Property Assessed Clean Energy (PACE).

"This project highlights the incredible power of PACE to upgrade critical building infrastructure like our nation's hospitals," said Renew Financial CEO, Cisco DeVries. "Because of PACE, Seton Medical Center is able to make crucial investments in its safety and operations. That's great news for nurses, doctors, hospital patients and their families. The entire community benefits. Renew Financial is honored to have supported this project, and glad our platform enabled participation from multiple investors. Kudos to the teams at CleanFund and Petros. This is the biggest C-PACE project so far, and it makes us even more excited for the work we have ahead of us."

In cities and states where it is active, PACE financing empowers property owners to finance the entire cost of certain energy, water, seismic and/or hurricane mitigation upgrades, and then gradually repay those costs as a line item on their property tax bill. PACE financing is a huge win-win for property owners and policy makers. PACE helps property owners make their homes and businesses safer and more efficient-and more valuable-in a way that makes long-term economic sense, and not a single penny of taxpayer money is used.

The Seton Medical Center seismic upgrade is four times larger than the previous record of $10 million on a single project. It represents a major step forward.

Greg Saunders, CleanFund's CEO, noted "The largest C-PACE financing in history would not have been possible without the hard work of the CleanFund team, as well as our partners at Verity Health System, Petros and Renew Financial. We're proud of the fact that this capital will provide a significant public safety and health benefit for Verity's Seton Medical Center. We look forward to further collaboration with Petros and Renew Financial on future transactions."

"This is a milestone event in our industry," said Petros PACE Finance CEO, Mansoor Ghori. "This transaction breaks down barriers and sets a precedent on how C-PACE financing can be used for much larger and more ambitious projects than C-PACE funding has traditionally enabled. In this case, we're funding a critical seismic project that will allow Seton to continue serving the San Mateo County community for decades to come, and we're doing it in a way that minimizes additional constraints on the hospital's budget since it is being financed over 30 years."

Keywords for this news article include: Hospital, Oil & Gas, Clean Energy, Renew Financial, Investment and Finance.

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