AUSTIN, Texas, Feb. 26, 2019 /PRNewswire/ -- Petros PACE Finance, LLC announced today the acquisition of Demeter Power Group Inc., including Demeter's software and proprietary financing structure.
Founded in 2012, Demeter Power Group, Inc.'s goal was bringing scalable financing of solar and distributed energy projects to the commercial & industrial sector. In 2015, Demeter funded its first project with the Tiburcio Vasquez Health Center in San Leandro, CA, a 200 kw solar project that offset ninety percent of the non-profit health center's energy load.
Demeter's solar PACE financing structure, acquired by Petros PACE Finance, uses commercial property-assessed clean energy or 'C-PACE' programs to tie long-term payments for energy efficiency projects to a property via a non-ad valorem property tax assessment. C-PACE lowers the cost of capital to projects further by efficiently using favorable tax attributes, including the renewable energy investment tax credit (ITC) under Section 48 of the Internal Revenue Code.
In addition, Demeter Power Group's Co-Founder, Michael Wallander has joined Petros as the new Senior Vice President of Solar Financing for Petros Energy Solutions, a newly formed affiliate that focuses on bringing tax-efficient renewable energy finance solutions to Petros' customers nationwide.
"This is just one of the many steps we're taking to strategically expand our clean energy finance offerings," says Petros' CEO and Co-Founder, Mansoor Ghori. "As C-PACE financing is becoming more mainstream and projects becoming larger and more complex, our clients are asking us for solutions to address all of their growing, clean energy finance needs. Acquiring Demeter and its unique solar financing structure is the first step in achieving our long-term growth strategy. We look forward to working with Michael to build this business."
"Michael brings a wealth of expertise to Petros Energy Solutions," says Jim Stanislaus, Petros' CFO and Co-Founder. "His years of experience in C-PACE and sustainable energy makes him the perfect fit for our team and an integral part of our bold plans to move forward in 2019."
Michael Wallander has over a decade of experience in C-PACE and sustainable energy and, prior to his role as Founder and President of Demeter, co-founded EcoCity Partners, a Florida PACE administrator that was acquired by Renew Financial in 2015.
Michael graduated with distinction from Georgetown University Law Center with an LL.M. in Securities & Financial Regulation and earned his J.D. from the University of Pittsburgh School of Law and a B.A. from the University of Florida.
About Petros PACE Finance
Petros PACE Finance, LLC is the leading financier of long-term capital for C-PACE. The principals of Petros PACE Finance, Mansoor Ghori, Jim Stanislaus, and Tommy Deavenport, have executive-level expertise in all critical aspects of C-PACE: commercial lending, structured finance, debt fund management, and direct, long-term institutional investor relationships. Learn more at petros-pace.com.