Greenworks Lending closes first C-PACE deal with solar in Massachusetts
Massachusetts’ development finance agency and land bank, MassDevelopment, recently launched a C-PACE financing program to provide property owners and developers access to low-cost, long-term, fixed-rate financing for energy efficiency, water conservation, and renewable energy projects. C-PACE capital provider Greenworks Lending from Nuveen has closed on the first project thus far, an office building in Greenfield, Mass., with the Northwestern District Attorney Office as its primary tenant.
The property will receive $450K in C-PACE financing for several energy efficient measures, including lighting, HVAC, building envelope, as well as the installation of a 36.8 kW solar photovoltaic system on its roof. These measures are estimated to save the property owner over $1.1M throughout the expected life of the installed measures.
“C-PACE has enabled us to retroactively finance our investment in multiple energy efficient systems on our building, including a roof mounted solar system install by PV Squared. In addition, C-PACE complemented our other forms of financing which included both State and Federal Historic Tax Credits. We are delighted to have made these energy efficient investments on our building, helping us cut our energy costs while preserving the environment,” said Bradley McCallum, owner of 52 Bank Row.
“Energy upgrades at 56 Bank Row are the first to be financed under PACE Massachusetts, and we encourage property owners throughout the Commonwealth to consider how this flexible, long-term financing tool can help them tackle an energy-improvement project,” said MassDevelopment President and CEO Dan Rivera. “Congratulations to building owner Bradley McCallum, capital provider Greenworks Lending from Nuveen, and the City of Greenfield, which was one of the first communities to opt into PACE Massachusetts and enable property owners in the community to take advantage of the program.”
“We are proud to expand our footprint into Massachusetts as the capital provider on the first-ever C-PACE project in the state,” said Jessica Bailey, CEO and President of Greenworks Lending from Nuveen. “Massachusetts has been a long-time leader in advancing climate change solutions and our hope is that this project will set the stage for many more to come, exemplifying how this private capital financing mechanism helps invest in communities by creating jobs, combating climate change, and helping businesses save money.”
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