Commercial Property Assessed Clean Energy (C-PACE) was created in 2019 as part of the Climate Mobilization Act.1 The initial goal of the C-PACE program is aimed towards providing low-interest, long-term loan options for borrowers to finance emergency efficiency retrofits and installation of renewable energy sources.2 As efforts to introduce sustainable practices in a commercial setting continue to become increasingly popular on a global setting, businesses are doing what they can to implement such practices. The best way to get the ball moving towards sustainability and renewably energy is to make doing so popular amongst leading industries. In doing so other companies are influenced to do the same.
New York City is one of the most influential cities in the world, and in the business setting Wall Street is no Stanger. On April 21st, 2021, the New York City Department of Finance finalized administration rules to implement the City’s C-PACE program.3 C-PACE financing programs offer financing for property owners to fund energy efficiency and renewable energy projects on existing commercial structures, with the hopes of dramatically decreasing utility bills and guiding a future to sustainable business practices.4
Petros PACE Finance LLX, a leading provider of C-PACE financing has just made headway in making C-PACE popular amongst the commercial worlds. They have just closed an $89 million C-PACE transaction for 111 Wall Street. This is the first ever C-PACE deal in NYC and the largest single C-PACE transaction closed in the U.S. since the financing structure was introduced. This transaction is monumental and is expected to influence other C-PACE financing to take place.