Lafayette, CO—Colorado C-PACE announced today that land owner and building developer Charles Barr is leveraging CO C-PACE to fund a portion of the capital stack in the new development of a 165,525 SF state-of-the-art greenhouse. The project, located in Garfield county, includes a 41,140 SF technology building that is home to a fully automated recirculating hydroponic gutter system for delivering plan nutrients. The facility is projected to produce approximately 4,600 pounds of cut baby leaf salads daily. This is the first C-PACE project in Garfield County.
Barr said, “Agriculture today is all about using technology to enhance sustainability and reduce environmental impact.” He added, “That’s what makes C-PACE financing, with its focus on energy efficiency, a natural fit for those of us pursuing state-of-the-art agriculture. CO C-PACE made it possible for our project to qualify for a long term, low interest loan that will fund 20 percent of the total project construction cost. We pursued C-PACE financing from the start and without a second thought, and it did not disappoint.”
Barr collaborated with Musik Built LTD for the development, design, and analysis support. The project was brought to the program by San Francisco-based Dividend Finance, who subsequently partnered with Greenworks Lending for the financing.
Lucas Nagy, Vice President of Business Development with Dividend Finance, said, “When C-PACE programs were first developed, only retrofit projects were eligible. That’s changed so now we’re seeing new construction projects of all types tapping into C-PACE financing.” He added, “The bottom line is this: if you want your building, whether existing or new, to minimize energy consumption with energy efficient heating, cooling, lighting, then C-PACE is the way to go.”
According to Sean Ribble, Director of Business Development with Greenworks Lending, “C-PACE programs nationwide are growing by leaps and bounds. These programs have proven themselves to be versatile and adaptive opportunities for our clients, in addition to being a major asset to local businesses and their communities, time and time again. We look forward to C-PACE’s continued expansion and benefits that these programs provide to the global sustainability effort.”
About Colorado C-PACE
A program of the New Energy Improvement District (NEID), administered by Sustainable Real Estate Solutions, Colorado C-PACE facilitates financing for energy and water improvements in new and existing commercial buildings, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 25 years. The payments are structured as a regular line item on the property tax bill. When a property is sold, the C-PACE assessment can stay with the property and transfer to the new owner, who enjoys the ongoing utility cost savings associated with the project.
Sustainable Real Estate Solutions (SRS) partners with state and local governments to administer commercial property assessed clean energy (C-PACE) programs. Founded in 2010 by experienced commercial real estate and energy efficiency professionals, the company’s proprietary technology-enabled PACEworx™ Platform streamlines the management of the data-intensive C-PACE technical and financial underwriting process. SRS’s Investor Confidence Project-credentialed quality assurance methodology has facilitated more than $375 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.