Greenworks lending extends and expands funding for SD renewables clean energy PPA program
Greenworks Lending commits $60M in additional funding to back SD Renewables’ Innovative Clean Energy financing products
San Diego, CA and Darien, CT: SD Renewables, an innovator in cashless financing solutions for commercial property owners and Greenworks Lending, the nation’s leading Commercial Property Assessed Clean Energy (C-PACE) capital provider, have announced an agreement to expand funding of SD Renewables’ Clean Energy financing products, which allows property owners to access all the benefits of C-PACE financing with the added advantages of a Power Purchase Agreement, and 25-year production guarantee.
Key elements of the agreement:
- Greenworks Lending will provide an additional $60M of funding for SD Renewables’ Clean Energy PPA program, a 300% increase from its 2020 funding commitment.
- SD Renewables sources clients for these projects through its trusted partner network.
- SD Renewables utilizes its market-leading technology platform to manage the design, development and long-term ownership of solar projects financed through its technology platform.
- Participants receive all the benefits of Greenworks’ 100% upfront, low-cost, long-term C-PACE financing, with the added benefit of SD Renewables monetization of the investment tax credit (ITC), solar system maintenance and a 25-year production guarantee.
“We began this project in earnest with SD Renewables in 2020 as another way for C-PACE loans to substantially open the market for more commercial property owners. Those owners who want all the benefits of renewable energy savings, but who do not want to tap their own financial resources can do that efficiently through this program,” said Genevieve Sherman, Head of New Markets and New Products for Greenworks Lending. “We have been very happy with our working relationship with SD Renewables and the growth of their program gave us confidence to substantially increase our commitment.”
“We are grateful to be working with Greenworks Lending tripling our funding program as it enables us to reach greater numbers of commercial property owners. With this funding in place, we can focus our attention on giving our trusted partners increased access to our technology platform. There is an enormous untapped market of property owners who need to prioritize their working capital on their primary business but would like to utilize clean energy and secure reduced energy costs. Now they no longer need to make that trade-off,” shared David Field, co-managing partner of SD Renewables. “The other most gratifying thing our business accomplishes is dramatically expanding our partner sales pipeline. Our turnkey solutions and optimized marketing outreach approach makes our solar development partners substantially more money. We are taking many of the lessons we learned in residential and are bringing that scalable simplicity into the commercial space.”
Greenworks Lending provides C-PACE financing nationally through SD Renewables and its partner network on SD Renewables’ proprietary online portal, which streamlines all marketing and underwriting functions. Commercial buildings or areas with 20,000+ sq ft of solar space that will support 200kW systems or larger covering roof mount, ground mount, or parking canopies qualify.
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 C-PACE 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 and is active in more than 25 states. Greenworks Lending’s C-PACE financing makes clean energy a smart financial decision for commercial property owners and developers nationwide. For more information visit www.greenworkslending.com.
About SD Renewables
SD Renewables is a fintech platform that enables the financing of renewable energy and sustainability improvements for commercial, industrial and non-profit property owners through a suite of innovative financing solutions. SD Renewables’ online portal pre-qualifies projects for financing in seconds and dramatically streamlines the sales, marketing and development processes for its national network of trusted sales partners. SD Renewables uniquely developed its proprietary Clean Energy PPA™, which leverages C-PACE to help property owners reduce operating expenses, enjoy clean energy benefits and meet their ESG goals without having to tap their working capital or lines of credit. For more information, please visit www.sdrenewables.com