First RI C-PACE Projects Receive Financing; Providence Joins Program

Rhode Island Infrastructure Bank recently announced that the first two Rhode Island Commercial Property Assessed Clean Energy (RI C-PACE) projects have received financing. Both projects call for the installation of roof-mounted solar panels on two office buildings in Middletown.

The properties are owned by the financial services firm, Embrace Home Loans. Combined, the projects will save the firm an estimated $226,000 in energy costs across the 20-year financing term. The total investment in the energy savings projects is $1.2 million. Collectively, the projects will reduce annual CO2 emissions by 188.6 tons, which is equivalent to the CO2 emissions from over 452,000 miles driven by the average passenger vehicle. Construction of the two projects is expected to be completed by June 2017.

“This represents an important milestone for the Infrastructure Bank, C-PACE, and the State as we expand our financing tools to accelerate investments in the clean energy economy,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “These projects provide significant value to Embrace Home Loans and with the growing pipeline of C-PACE projects, we are helping Rhode Island businesses invest in clean energy projects that reduce their energy costs, support local jobs and protect the environment.”

The Bank also announced that the City of Providence has opted-in to the RI C-PACE program. Providence is the 14^th municipality to opt-in to the program since it was introduced in 2016. A pipeline of potential projects located in Providence has already been identified and the Bank, RI C-PACE program and the City of Providence will be holding an information session for property owners interested in learning about the RI C-PACE program. The session will be held on May 3, 2017 from 12:00pm to 1:00PM at the Rhode Island Foundation, 30 Exchange Street, Providence.

RI C-PACE provides financing for energy projects that lead to significant cost and energy savings for commercial and industrial property owners. Projects must be located in cities and towns that have opted-into the program through approval of a City or Town Council resolution.

RI C-PACE uses private capital providers to finance C-PACE projects, so no taxpayer dollars are used to finance projects. Greenworks Lending, a financier of C-PACE loans, financed the Embrace Home Loans projects. At the present time, there are three qualified capital providers participating in the RI C-PACE program and RIIB is in advanced discussions with an additional eight lenders to join the program.