1st Annual Investors’ Conference on Green Bonds
30 October 2017
PACENation is proud to be an Association Supporter of IMN’s inaugural Investors’ Conference on Green Bonds, taking place 30 October in London. Unlike any other green bond conference, this event will herald the first in-depth conversation about the intersection of securitisation and environmentally sustainable finance.
PACENation Members Receive 15% Discount to Attend! Register here with code PACE15
This inaugural event will feature high level discussions about investment opportunities in bonds carrying the green label and the challenges issuers may face in obtaining it. Attendees will develop a more crystallized idea of what a green bond is, its yield potential, and the benefits of issuing a green bond. We will also introduce the U.S. concept of Property Assessed Clean Energy (PACE) financing and its potential application in Europe. For the first time, this event will ultimately bridge together the sustainable finance community with IMN’s long standing ABS investor base.
Brian McCarter, chief executive officer of Sustainable Real Estate Solutions, announced today that the company will serve as program administrator for Utah’s updated commercial property assessed clean energy (C-PACE) program. The Utah Governor’s Office of Energy Development (OED), which manages the program, selected SRS after conducting a competitive search process for a third-party firm to provide program administration services.
Utah launched its statewide C-PACE program in 2015 after passing legislation enabling commercial PACE in March 2013. Senate Bill 221 authorized local governments to adopt C-PACE financing programs, which offered commercial and industrial property owners a unique mechanism to finance energy efficiency, renewable energy, and water efficiency improvements to their buildings.
Senate Bill 273, enacted in March 2017, amends the earlier legislation by expanding the scope of eligible projects, establishing a statewide C-PACE District, and more clearly defining the process of developing and closing projects.
Homeowners can use innovative HERO financing to reduce energy bills and stay safe through upgrading roofing, windows and doors, HVAC, solar, and more
ORLANDO, July 26, 2017 – Homeowners in communities across the state of Florida now have access to an innovative form of financing called HERO, which allows them to make residential energy, efficiency, and wind-resistance improvements and pay for the upgrades over time through their property tax bill. Eligible improvements include solar panels; energy-efficient HVAC systems, roofing, and windows; and roof-to-wall connections, storm shutters and other products that can protect against wind damage and meet Florida Building Code requirements.
HERO, which stands for Home Energy Renovation Opportunity, is the nation’s largest form of Property Assessed Clean Energy (PACE) financing and its launch is expected to bring multiple benefits to Florida communities and to individual homeowners.
Saint Paul, MN , July 18, 2017 – Go Wild, LLC secured $6.74 million in PACE financing as part of its capital stack for the Treasure Island Center redevelopment project in Saint Paul, Minnesota. PACE funds will be used for energy efficiency upgrades that are projected to cut utility costs by 40 to 60 percent, decreasing from $1.2 million per year to between $480,000 and $720,000.
Treasure Island Center is a major, mixed-use redevelopment project scheduled for completion this fall. The former department store, built in 1963, covers 2.5 acres with 540,000 square feet of space. The new facility will be home to TRIA Rink, a fully enclosed rooftop ice arena that will be used by the Minnesota Wild as a practice facility.
By working with Xcel Energy, the developer has committed to a number of building-wide, energy saving investments including: increased insulation; improved HVAC; new motion-controlled and LED lighting; and a new domestic water infrastructure.
California county becomes latest local or state government in U.S. to give residents access to innovative financing for home energy and efficiency improvements
SAN DIEGO, July 13, 2017 – Supervisors in Tulare County, California, voted this week to give residents access to Renovate America’s HERO Property Assessed Clean Energy (PACE) financing for home energy and efficiency improvements. The vote was the latest in a string of local legislative victories for both HERO and PACE, and showed momentum for the innovative financing mechanism growing in California and beyond.
The vote by Tulare County supervisors to allow HERO to be offered in unincorporated portions of that county came as supervisors in neighboring Kern County voted 4-0 to give HERO a six-month extension to operate there. It also came a day after commissioners in Collier County, Florida, gave final approval to HERO in that county’s unincorporated region, which followed similar moves earlier this year by commissioners in Hillsborough and Pasco counties – also in Florida – and supervisors in California’s Amador and Glenn counties. Last month, city councilmembers in Santa Rosa, California, voted to give their residents access to HERO, as did the city of Columbia, Missouri.
Washington, D.C., July 11, 2017 — The Washington DC Economic Partnership (WDCEP) and Greenworks Lending have entered into a partnership to bring Commercial Property Assessed Clean Energy (C-PACE) financing to commercial and multi-family property owners across Washington D.C.
“The Washington DC Economic Partnership’s mission is to support business growth and economic development in Washington, DC,” said Keith Sellars, president and CEO of the WDCEP. “This partnership will help lead to more low-cost capital for city development, enhanced property values, reduced property operating expenses, and an improved environment that will ultimately support business owners and developers across the District. WDCEP will help introduce C-PACE, particularly to our partners in the development community and multifamily property owners who can utilize this program to improve housing stock and fuel redevelopment.”
The Dallas developer behind proposed plans to bring a Trump-branded hotel to downtown Dallas has landed $23.9 million in Property Assessed Clean Energy finance funds — which will help update the $120 million historic building with energy-efficient systems and water reduction technology.
This loan is the largest commercial Property Assessed Clean Energy (PACE) deal in Texas and is believed to be the second largest of its kind in the country.
Alterra International, which is based in Dallas and San Francisco, decided to apply for the PACE loan for the nine-story, century-old building at 500 S. Ervay St. to help it increase the energy-efficiency of the redevelopment project, which is still underway.
Energy- and water-saving improvements financed through HERO have created more than 20,000 jobs, and are on track to save homeowners billions on utility bills.
SAN DIEGO,July 10, 2017 – Renovate America, a leading U.S. provider of home-improvement financing, announced today that more than 100,000 homeowners have improved their homes with projects saving energy and water through its Property Assessed Clean Energy (PACE) financing option, HERO.
HERO, which stands for Home Energy Renovation Opportunity, empowers homeowners to make energy efficiency, water saving and renewable energy home improvements and to pay for them at a fixed interest rate over time through an additional line item on their property taxes. HERO financing payments may have tax benefits, and many property owners who use HERO to finance home improvements see immediate savings on their utility bills.
AnneMarie Provancha and husband Lamar Brown of San Diego, decided in 2015 to use HERO to finance a combination of energy and water-saving improvements to their 1960s-style ranch home, including windows, HVAC, solar, turf and an instant hot water heater.
(WASHINGTON, DC) – Today, Mayor Bowser and DC United announced a $25 million private clean energy financing deal for the installation of state-of-the-art energy and water efficiency measures, an 884 KW solar array, and stormwater retention systems at DC United’s 20,000-seat Audi Field soccer stadium. The measures are being funded through the Department of Energy and Environment’s Property Assessed Clean Energy (DC PACE) program, DC’s innovative green financing solution, which operates through a public-private partnership, allowing local lenders to fund environmentally beneficial projects at no cost to taxpayers. This deal, done through a relationship with locally-based EagleBank, marks the nation’s largest single PACE note issued to date, and the first issued for a stadium project.
“We know that cities throughout the U.S. will be leading the fight against climate change, and this deal is an example of how Washington, DC can think globally while acting locally,” said Mayor Bowser who recently signed an executive order committing DC to meet the goals of the Paris Climate Accord. “This deal will not only allow us to green Audi Field, it will also create new opportunities for local businesses and high-quality green jobs for DC residents.”
Building on existing underwriting policies and consumer disclosures, Renovate America will add income review to its underwriting toolbox. Read an except from the article below:
Patrick Moore, Renovate America’s newly appointed chief lending officer, told Asset Securitization Report that borrower income data will be used in underwriting both PACE loans and an unsecured program funding through local government entities and unsecured loans to finance a wider range of home improvement projects. It will help determine approvals as well as potential loan sizes. The company has been collecting income data for its unsecured lending product, Benji, since 2016.
The move is being made in anticipation of proposed state legislation in California that would mandate “good faith” underwriting standards on PACE loans, including obtaining credit reports and “in some cases, verifying income, assets, and debt obligations,” according to Senate Bill 242.