Providence, RI — Rhode Island Infrastructure Bank (the Infrastructure Bank) closed a $2.5 million loan with the Providence Marriott Downtown. Through the Bank’s Commercial Property Assessed Clean Energy (C-PACE) program, the hotel, at 1 Orms Street, installed a highly efficient HVAC system along with new controls and LED lighting throughout the facility. The comprehensive upgrades will reduce the hotel’s annual energy expense by almost 40% when compared to their current usage.
“RI C-PACE financing has helped twenty-six buildings make upgrades and offset their energy costs,” said Jeffrey Diehl, CEO of Rhode Island Infrastructure Bank. “The Providence Marriott project is one of the C-PACE program’s largest loans to-date.”
The energy efficiency upgrades will offset the facility’s energy consumption. Over the 18-year financing term, the hotel is expected to reduce its carbon footprint by 12,945 metric carbon tons, a figure equivalent to the annual energy output of 1,500 Rhode Island homes.
Read the full article in the New England Real Estate Journal.