Market Entry in Colorado with Northeast Denver Project
Greenworks Lending closed its first Commercial PACE (C-PACE) financing in Colorado just prior to year end, 2017. The entry into Colorado marks the 10th state, plus Washington D.C., in which Greenworks Lending provides financing.
The Denver property, originally constructed as a corporate headquarters, features three warehouse/production facilities and a 76,000 sq. ft. Class A office building in the city’s northeast commercial district. The office is leased to multiple professional tenants while a single tenant occupies the warehouse facilities.
Greenworks Lending’s C-PACE financing supported capital improvements ranging from the installation of a new HVAC system to window films and LED lighting. Over the 20 year financing term, the property owner is projected to save over $1,500,000 over the life of the improvements.
“As a Colorado native, it was personally very exciting for me to see our first project close in the state. This office is a perfect example of the type and age of buildings across Colorado that can benefit from C-PACE financing,” stated Genevieve Sherman, Head of New Markets and Partnerships for Greenworks Lending. “Colorado will be a very important state for Greenworks Lending in 2018 and we are looking forward to continuing to have a positive impact,” she continued.
Greenworks Lending was introduced to the property owner by Lever Energy Finance. Joel Poppert, Senior Vice President of Lever Energy Finance explained, “Our role is to help cultivate the funding of clean energy projects, so the entry of a national capital provider with Greenworks’ background is going to help us change the way property owners make capital investments in energy saving projects.”
Colorado’s C-PACE program, modeled after successful programs nationwide provides a strong platform for investment as well.
“We’ve designed a successful commercial PACE model here in Colorado,” said Paul Scharfenberger, chairman of the NEID, which oversees Colorado C-PACE, and chief operating officer of the Colorado Energy Office. “Our early deals have proven the relative ease of the funding process for owners and lenders alike, so now its about creating volume and maximizing the program’s impact as an economic development tool that helps reach sustainability goals.”
About Greenworks Lending:
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 property owner investment in renewable energy and energy efficiency projects through state legislated C-PACE (Commercial Property Assessed Clean Energy) programs on a national level.
About Colorado C-PACE
Colorado C-PACE provides financing for energy and water improvements, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects for commercial properties. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 20 years. The payments are structured as a regular line item on the property tax bill. When a property is sold, the C-PACE assessment stays with the property and transfers to the new owner, who enjoys the ongoing utility cost savings associated with the project. Visit copace.com for more information.