CLEANFUND FINANCES $3.5M FOR CALIFORNIA PROJECTS

September 19, 2016

San Francisco-based CleanFund closed six transactions in California totaling about $3.5M. Property owners tapped CleanFund’s SolarPACE program to finance renewable energy improvements. The transactions included an industrial/R&D building in San Jose, Camelot Theatre in Palm Springs (above) and Galey’s Marine Terminal in Bakersfield.

CleanFund provides capital funds for projects through Property Assessed Clean Energy, which offers a financing framework in 33 states and Washington, DC, for property owners to repay investments for building upgrades and new construction on property tax bills.

More than $481k of PACE financing will help retrofit a 25k SF industrial/R&D building in San Jose with a roof-mounted solar array provided through Silray. The array is expected to reduce energy consumption by 34% and lower energy expenses by 15% in the first year.

Camelot Theatre received $796k to install a 74kW roof-mounted solar system, six new HVAC units and five thermal energy storage systems, all of which will reduce energy consumption by 26%.

Galey’s Marine Terminal received $721k to retrofit its existing office and retail building with a reflective roof, a 138kW solar array and new HVAC system, reducing the property’s energy consumption by 97%.