Greenworks lending closes first C-PACE deal in Delaware
Greenworks lending provides over $3.9M in energy efficiency financing for Delaware’s first C-PACE project — Wilmington’s famous DuPont Building
(Darien, CT) – Greenworks Lending, the nation’s leading provider of Commercial Property Assessed Clean Energy (C-PACE) financing, has announced today that it has closed the first C-PACE deal in the state of Delaware. The state’s first use of C-PACE financing will be to provide upfront capital for energy efficient upgrades to Wilmington’s historical DuPont building. The C-PACE financing for the DuPont building is the first use of the Energize Delaware C-PACE program which is administered by the Delaware Sustainable Energy Utility, Inc.
The building, a hallmark of downtown Wilmington, was originally constructed in 1908 and had been the longtime corporate home to EI DuPont du Nemours until 2015. Today, the building is the global headquarters for The Chemours Company (Chemours) (NYSE: CC), a global chemistry company. At approximately 1,000,000 square feet and taking up an entire city block, the building has been undergoing significant renovations since The Buccini/Pollin Group purchased it in 2017. When completed, the space will be a modern, mixed-use facility consisting of a hotel, luxury apartments, a theatre, retail space, and Class A office space.
“Greenworks Lending is very excited to be the first capital provider to bring C-PACE financing to Delaware,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. For this project, the contractor selected Trane® CenTraVac™ chillers with Opteon™ XP30 (R-514A) refrigerant developed and produced by Chemours. Opteon™ XP30 is a non-flammable refrigerant that enables excellent energy performance, with ultra-low (<10) global warming potential.
These upgrades will deliver estimated savings of $14,217,721 over the equipment’s lifespan while also delivering environmental benefits equivalent to reducing 2,670 metric tons of CO2 emissions annually.
“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 building owners and tenants of 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.”
Tony DePrima, Executive Director of Energize Delaware stated, “we are really excited about our first closing, this would not be possible without the strong support of Matt Meyer, New Castle County (DE) Executive and the whole County Council, we hope to expand the program in Sussex and Kent Counties this year.”
In addition to Delaware, the C-PACE market continues to grow nationally with active programs in more than 20 states across the country.
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.
About Delaware Sustainable Energy Utility (DESEU)
Trading as Energize Delaware, the DESEU is a unique non-profit that helps Delawareans save money through clean energy and energy efficiency programs. In 2018 it became the statewide administrator for C-PACE program. You can learn more about it at www.delawarecpace.org.