Energize Delaware, the state administrator for Commercial Property Assessed Clean Energy (C-PACE), is proud to announce the first C-PACE loan in the state of Delaware. Greenworks Lending, the nation’s leading provider of C-PACE financing, has recently closed on a financing plan to provide energy efficient upgrades to Wilmington’s historic DuPont Building
The allowance for C-PACE financing in New Castle County was granted last year when Energize Delaware and New Castle County officials announced the launch of the initiative to allow commercial and industrial property owners to finance energy efficient and clean energy projects in the county. Projects that qualify under the C-PACE program are financed through a voluntary assessment on property tax bills similar to a sewer or other benefit assessment.
Tony DePrima, Executive Director of Energize Delaware stated, “We are very excited about our first project closing, this would not have been possible without the strong support of Matt Meyer, New Castle County Executive, and the entire County Council, we hope to expand the C-PACE program in Sussex and Kent Counties this year.”
C-PACE projects use private capital for financing; no taxpayer dollars are used. Additionally, projects must be located in a specific county that has opted into the program to be eligible for financing, and New Castle was the first Delaware county to opt-in.
“Greenworks Lending is very excited to be the first capital provider to bring C-PACE financing to Delaware,” said Genevieve Sherman, Head of New Markets and Partnerships at Greenworks Lending. “We look forward to many more projects in the state as more building owners recognize the great opportunity that C-PACE provides in helping to improve their bottom line and reduce energy consumption.”
The financing will be used to cover multiple energy efficiency measures including chiller plant replacement, boiler replacement, and cooling tower refurbishment. These upgrades will save the property owner an estimated $14,217,721 over the lifespan of the equipment.
“PACE financing closes a significant gap in the market for funding energy efficiency projects for commercial properties,” said Doug Edwards of Seiberlich Trane Energy Services, the contractor on the project. “We have been working for years to bring PACE to Delaware and are so excited to finally make this new program a reality for The Buccini/Pollin Group and the historic DuPont Building. This project will create many local jobs and will significantly lower the property’s carbon footprint. It’s an exciting win/win for all parties involved.”
The DuPont Building is a hallmark of downtown Wilmington. It was originally constructed in 1908 and had been the longtime home to the DuPont Company headquarters until 2015. At approximately 1,000,000 square feet and taking up an entire city block, the building has been undergoing significant renovations after being purchased by The Buccini/Pollin Group in 2017. These renovations will modernize and overhaul the building to convert it into a mixed-use facility consisting of a hotel, luxury apartments, a theatre, retail space, and office space.
Complete background information on C-PACE in Delaware is available at www.delawarecpace.org.
Commercial Property Assessed Clean Energy (C-PACE) makes it possible for commercial property owners to obtain low-cost, long-term financing for energy efficiency, water conservation and renewable energy projects. The program starts with a state-level government policy that classifies clean energy upgrades as a public benefit – like a new sewer, water line or road. These upgrades can be financed with no money down and then repaid as a benefit assessment on the property tax bill over a term that matches the useful life of improvements and/or new construction infrastructure (typically @ 20-30 years). The assessment transfers on the sale of the property and can be passed through to tenants where appropriate. While facilitating sustainability efforts, the program reduces property owners’ annual costs and provides dramatically better-than-market financing for green new construction.
About Greenworks Lending
Greenworks Lending is the largest provider of Commercial Property Assessed Clean Energy (C-PACE) financing in the country. Led by several of the industry’s founding policy developers and standard-setters, Greenworks Lending is a private capital provider uniquely dedicated to funding commercial real estate through C-PACE. Greenworks has provided financing to hundreds of commercial properties in more than a dozen states. Greenworks Lending’s C-PACE financing makes clean energy a smart financial decision for commercial property owners. For more information visit www.greenworkslending.com.