Greenworks’ C-PACE program funds 100% of energy-efficient and renewable commercial building upgrades and new construction
California market will benefit from funding for renewables, seismic retrofit, lighting and HVAC efficiency, all lowering capital costs while increasing owner profitability
New team added in California includes industry experts Dana White and Tosh Dutt
Orange County, Oakland and San Diego, California, (July 18, 2019) –Greenworks Lending, a private capital provider uniquely dedicated to funding energy performance-enhancing commercial real estate projects, has announced its expansion throughout California with three new offices, including Orange County, Oakland and San Diego. The firm, which is headquartered in Connecticut, provides Commercial Property Assessed Clean Energy (C-PACE) financing for commercial and multifamily properties throughout the U.S.
“Clean energy is an essential focus for today’s commercial property owners and developers,” says Jessica Bailey, CEO and Co-Founder of Greenworks Lending. “As building codes become increasingly strict and energy-efficient solutions become a requirement, the ability to finance green initiatives can often be one of the most strategic financial decisions an owner or developer can make.”
To lead its efforts throughout California, Greenworks has named Dana White as Director of Business Development for California and has appointed Tosh Dutt as National Director for Solar and Storage.
“Greenworks Lending funds 100 percent of the hard and soft costs of commercial building upgrades and construction elements that improve energy performance,” explains White. “This financing helps owners and developers realize significant savings on new construction, energy efficient, and solar projects.”
All projects are funded via C-PACE, which is a public-private program enabled by state law and county/municipal ordinances.
“With C-PACE, repayment is made through the property tax bill over the useful life of the upgrades, which is often 20-plus years,” White adds. “Cash flow is positive from day one, as energy savings typically cover the cost of repayment.”
In addition, C-PACE fills equity gaps in development capital stacks, and reduces the cost of capital, as C-PACE financing is 50 percent less expensive than mezzanine debt, according to White.
Greenworks Lending’s expansion in California is particularly relevant in the state as it can be used on solar power and storage systems, allowing building owners to protect themselves against rising electricity rates and potential brownouts in one of the nation’s most expensive electricity markets.
“Through C-PACE, Greenworks Lending can also finance water efficiency and seismic resilience projects, both of which are major factors in California,” White notes.
Greenworks Lending is currently operating in 19 states and in Washington, D.C. The firm expects California to be one of its most productive markets based on the state’s ongoing focus on energy-efficiency.
“C-PACE is truly a win-win proposition from every angle,” says Dutt. “This vehicle is an economic development initiative for state and local governments. It improves the environment, creates local jobs, lowers the cost of doing business in participating communities, and ultimately creates safer, healthier neighborhoods.”
Dutt notes that Greenworks Lending offers a transparent, rapid approval process and a dedicated team ready to assist with all aspects of a C-PACE financed project.
An executive and subject matter expert in sustainability and renewable energy, Dutt has overseen the development, financing, and integration of major renewable energy and micro-grid projects across the globe involving technologies such as solar photovoltaic, thermal storage, advanced energy storage, fuel cells, IoT, biomass co-generation, and electric vehicle charging infrastructure, among others.
Dana White has more than 20 years of commercial real estate lending experience encompassing more than $2.5 billion in loan originations. She previously worked for Bank of the West, handling a portfolio of $1.5 billion for many of southern California’s largest real estate developers. Earlier in her career, White worked with Bank of America and PNC Bank.
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, making clean energy a smart financial decision for commercial property owners nationwide. For more information, visit greenworkslending.com.