Monthly Archives: September 2011

YGrene, Lockheed Martin, Barclays, Carbon War Room Announce Funding Plan

September 21, 2011

From the New York Times:  ”A business consortium that includes Lockheed Martin and Barclays bank plans to invest as much as $650 million over the next few years to slash the energy consumption of buildings in the Miami and Sacramento areas. It is the most ambitious effort yet to jump-start a national market for energy upgrades that many people believe could eventually be worth billions.”  NY Times story here….

Clean Fund completes 1st Private Capital PACE Commercial Financing

September 7, 2011

Congratulations to the team at Clean Fund, who have completed the first private investment in a commercial PACE project…. $1.6 million in funding provided through the Sonoma County Energy Independence Program (SCEIP).  The funds received will help pay for a second 1MW solar electric system, allowing Sonoma Mountain Village to cover 100% of its electric needs from on-site renewable power.

Here’s what Clean Fund’s John Kinney has to say…

“We are pleased to announce the first commercial PACE financing to be done with private capital.  Clean Fund was able to accomplish this milestone thanks to the advocacy of many of you in the broader PACE community.  A special thank you goes out to the team running the Sonoma County Energy Independence Program.  They expanded their PACE program from exclusively relying on county funding to also allow private capital to contribute expertise to complete more complicated financings.  Yet another example of the win-win, public-private partnership where PACE is at its heart.
For those of you who we haven’t yet worked with, Clean Fund is a specialty finance company using PACE to fund commercial energy efficiency and renewable generation projects.  We make investments on behalf of several large commercial real estate investment groups.  Clean Fund has been in business for two years – we had planned to start providing financing last fall but program delays pushed things back.  Fortunately we were able to put the additional time to good use by working with mortgage lenders, property owners and energy equipment providers to develop a range of PACE-based financing structures.  Clean Fund is currently working with the lead-off commercial PACE programs in California and will work with programs in other states as they are developed.  Additional special thanks to Renewable Funding, the Carbon War Room, and the Clinton Climate Initiative for leading the way.”
The press release is here…..

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Congresswoman Nan Hayworth (R-NY)

“PACE programs allow homeowners to make energy-saving modifications on their houses through a voluntary assessment on their property, at no cost to local taxpayers. Our bill facilitates participation by homeowners in states with PACE programs, which will promote conservation, energy savings and job creation.”

Congressman Dan Lungren (R-CA)

“My colleagues and I are fighting for a common sense program that would both increase the value of homes involved and help create jobs in our region. The time is now, more than ever to pass legislation that will accomplish this goal.”

Congressman Mike Thompson (D-CA)

“PACE promotes energy efficiency in ways that are good for our country, economy, and environment, saving property owners money by lowering energy costs and more importantly, creating jobs without taxes or government subsidies. Congresswoman Hayworth, Congressman Lungren, and I are committed to protecting PACE for the future.”

Mayor Jerry Sanders (R-San Diego)

“I am honored to be one of our nation’s first Mayors to support PACE. San Diego plans to derive strong long term advantages through PACE programs and we urge the rest of our nation, on a bipartisan basis, to join us.”

Gov Bill Ritter (D-CO)

“PACE is already creating economic opportunity, energy savings, and environmental benefits through the retrofit of residential and commercial building stock.”

Mayor Michael Bloomberg (I-NYC)

“A New York City PACE program providing property owners with the upfront capital to make energy efficiency retrofits will create jobs and reduce energy costs for residents and businesses.”

Gov Arnold Schwarzenegger (R-CA)

“With PACE, we are providing homeowners and business owners with powerful tools to take control of their energy use and create jobs at the same time”

Adam Hasner (R-FL)

“PACE provides a no-cost to taxpayers, no-mandate, consumer opt-in approach to bringing clean energy technology to homeowners and businesses. PACE will help create jobs for Floridians at a critical time when we are working to get Florida’s economy back on track.” Adam Hasner led passage of Florida's PACE legislation as Majority Leader of the State House of Representatives