C-PACE Alliance Announces Awards For 2021 Deals & Best Practices

Industry Offers Alternative Financing for Clean Energy and Resiliency

WASHINGTON, June 2, 2022 /PRNewswire/ -- C-PACE Alliance (CPA), the business association focused exclusively on clean energy and resiliency financing through Commercial Property Assessed Clean Energy (C-PACE) programs across the U.S., announced today the honorees of its C-PACE Alliance Awards for projects in six categories. C-PACE financing is an alternative form of financing that enable property owners to pay for energy-efficiency improvements and renewable energy equipment. 

CPA recognizes C-PACE transactions and leaders who demonstrate the high standards of quality and efficiency that characterize the industry's potential for accomplishments during 2021:

• C-PACE Policy and Program Improvements Award: Amy Wheeless and the Shift Zero coalition for their grassroots organizing and political strategizing to enact C-PACE statutes in Washington State. Shift Zero's local relationships and CPA's national expertise complemented each other's strengths throughout the multi-year journey.
• C-PACE Environmental Impact Deal of the Year: The Vortex Cold Storage Warehouse in Alberta Lea, Minnesota, financed by PACE Equity, used a new refrigeration technology with an incremental cost of $1 million and a six-year return on investment, while saving over 1,500 metric tons of carbon emissions annually.
• C-PACE Public Benefits Deal of the Year – Small Transaction. The Elevation Workspace in St. Louis, Missouri, financed by Twain Financial Partners, aims to break down barriers that segregate neighborhoods racially and economically by offering affordable office space in a mixed-use facility primarily for minority-owned businesses.
• C-PACE Public Benefits Deal of the Year – Large Transaction. The One Park Road project in Connecticut, funded by CastleGreen Finance, allowed the Sisters of St. Joseph to own and occupy one wing of its historic convent and convert the remainder into market-rate and affordable housing. C-PACE financing reduces the cost of capital and saves over 30% in energy usage as compared to the building code.
• C-PACE Innovation in Efficient Financing Award. The Indian Nations Council of Governments (INCOG) Oklahoma C-PACE Program designed an easy-to-use C-PACE program for any county in Oklahoma, and INCOG closed its first transaction within a couple of months of launch, among the fastest start-ups C-PACE Alliance is aware of.
• C-PACE Deal-of-the-Year. 111 Wall Street in New York City, financed by Petros PACE Finance, pioneered the first transaction in the City's long-delayed C-PACE program. As part of a $500 million makeover, the former bank headquarters used $89 million in C-PACE proceeds, the nation's largest C-PACE project when it closed.

C-PACE Alliance (www.c-pacealliance.com) is an association of capital providers and transaction experts who invest in or professionally advise on the vast majority of C-PACE financing nationally. Now approved in 38 states and the District of Columbia, C-PACE financing has surpassed more than $2.5 billion in energy, water resources, resiliency and related improvements for commercial real estate.

SOURCE C-PACE Alliance