May 20, 2014
The Connecticut Clean Energy Finance & Investment Authority has secured $24 million in funding from a California private capital provider to pay for renewable and efficient energy projects at business properties.
CEFIA, whose name was recently updated to include Green Bank, contracted with California-based Clean Fund to cover the costs of its funding warehouse for the Commercial Property Assessed Clean Energy Program (C-PACE), which provides loans to commercial land owners for energy projects where the projected savings exceed the cost of the loan.
The deal with Clean Fund is for $30 million in loans CEFIA made out of its C-PACE fund. CEFIA plans to bond out an additional $3 million to another private capital provider, said Bert Hunter, CEFIA chief investment officer.
That way, the quasi-state agency will only be on the hook for $3 million of those $30 million in loans, as the two private capital providers will cover $27 million of the loan costs. For full article.