KIRKSVILLE, MO., October 16, 2017 —
Greenworks Lending, a specialty finance company dedicated to commercial property assessed clean energy (C-PACE) today announced it has opened operations in Missouri with the closing of its first C-PACE transaction in the state. The firm provided private capital to Warehouse 660, a fitness facility in Kirksville, MO through the Missouri Clean Energy District’s C-PACE program. The funding provided will support the installation of a 35 KW solar array at the 23,000 sq. ft. facility.
Greenworks Lending has originated C-PACE financing, better known as C-PACE assessments, in seven states across numerous industries and property types since its inception in 2015. The Missouri program with Greenworks, sponsored by the Missouri Clean Energy District (MCED), was launched in 2017.
“The purpose of the program is to help the state, our communities and the businesses that make Missouri a great place to work and live become as energy independent as possible,” explained David A. Pickerill, executive director of the MCED. “Of course, the program doesn’t work without strong economic incentive for the businesses who are enabled by C-PACE to secure long-term low-cost capital that allows them to improve (or build anew) infrastructure and lower operating expenses,” he continued.
The C-PACE program was introduced to Warehouse 660 by Scott Williams of Above All Energy. Williams projects the solar array to cover 57% of the facility’s energy needs and save $450 in energy expense per month over the first 20 years of the array’s useful life.
“Through the C-PACE program, Greenworks can align financing term with the useful life of the energy saving and/or renewable energy measures,” explained Greenworks CEO and co-founder, Jessica Bailey. “This long-term low-cost financing enables projects ranging from rooftop solar arrays to basement boilers to be cash flow positive from the onset, while property owners preserve capital for the operations of their business,” she continued.
The program’s benefits are multi-faceted and represent the shared mission of the MCED and Greenworks Lending, contractors and clients themselves. First, commercial PACE helps building owners lower their operating expenses and afford improvements that save energy and improve tenant comfort. Second, contractors gain an attractive financing option that facilitates the growth of their businesses and creates installation jobs. Finally, the community benefits by converting commercial properties – the highest users of energy – to more efficient forms, which helps the region move toward energy independence.
“Our facility is more than just a fitness center. We want our staff, tenants and their clients to live long, healthy lives. For Warehouse 660, our solar installation is both a way to save on our electric bill and help the environment at the same time. Our tenants and their clients are excited about the project’s positive impact, it sends a good message,” explained Patrick Foglesong, owner of Warehouse 660. “We were eager to upgrade our building but the project doesn’t make sense if financed through conventional options. Greenworks Lending provided 100% financing through the C-PACE program and we’ll benefit from a long payback term at a fixed rate.”
Greenworks Lending, who recently made national news as the first capital provider to bring a purely commercial PACE securitization to market, is well positioned to provide capital to the emerging Missouri marketplace. In fact, at the time of press, the firm was nearing completion on a second Missouri project involving a full range of energy efficiency measures in the heart of Kansas City.
About Greenworks Lending:
Greenworks Lending provides financing to commercial property owners to make their buildings more energy efficient or install clean energy systems through a structure called Property Assessed Clean Energy (PACE). PACE can provide 100 percent of the hard and soft costs and allows building owners to use energy savings to cover the repayment. Based in Connecticut, Greenworks Lending was founded by developers of the most successful state commercial PACE program in the country. Since its founding in 2015, Greenworks Lending has become the outsourced finance partner for hundreds of energy contractors across the country, financed a wide range of energy measures, and supported the development of dozens of commercial PACE markets across the country. The leadership team has been honored by the White House and sits on the board of PACENation.
About Above All Energy:
Above All Energy (AAE) is a solar electric installation company in Mid-Missouri, established in 2013. AAE specializes in small commercial and residential photo-voltaic installations. AAE works closely with the USDA and other government programs finding the best incentives for our customers. All AAE installations have a 25+ year life span and all major components are American Made. AAE stands apart from other solar companies by offering custom designs and quality installations with a concierge approach. I, as the owner, pride myself in working with every customer personally from start to finish, ensuring your energy needs and financial goals are met.
About the Missouri Clean Energy District:
The Missouri Clean Energy District is an open-market state-wide political subdivision established to provide unlimited capital to fund energy efficiency and renewable energy projects. Property owners – both public and private – within member communities may apply for PACE financing. Operating through intergovernmental cooperation, Missouri communities may join the District to make funding available to all property owners within their jurisdiction. There is no membership cost to local governments and no risk because no public funds are used for financing. The program does benefit from governmental oversight by virtue of a Board of Directors and an Advisory Council selected by the member communities. Through the advantages of public-private partnerships, the District’s mission of delivering a market based offering that realizes the public purpose of improving the state’s energy footprint and quality of the built environment is at hand.
[1] Source: PaceNation.us
Media Contact:
Adam Moskowitz
amoskowitz@GreenworksLending.com
203.837.7816
Recent Comments