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Greenworks Lending launches in California to provide commercial PACE capital to building owners
Riverside, CA – March 6, 2018 – The Western Riverside Council of Governments (WRCOG) is partnering with Greenworks Lending to offer Commercial Property Assessed Clean Energy (C-PACE) financing to the 15 WRCOG member jurisdictions in Riverside County and to over 370 California towns and counties participating in the HERO Program. This partnership will allow commercial properties to make affordable efficiency and renewable energy upgrades.California represents the 12th state Greenworks Lending has entered since its formation in 2015. "Entering California marks an incredibly important milestone for our company. PACE began in this state and we are excited to bring our expertise and track record to help commercial property owners improve their properties, businesses and tenant experiences through energy savings,” stated Jessica Bailey, CEO and Co-founder of Greenworks Lending.“We look forward to working with the Western Riverside Council of Governments as part of this public-private partnership.” Greenworks Lending’s first funded project in California is a $1.7M retrofit to a warehouse and distribution center in Lathrop, San Joaquin County. The improvements include the installation of a new cool roof and high efficiency lighting. The project was originated by K2 Clean Energy Capital, an experienced project management team that supports property owners in navigating the C-PACE project development and approval process. “The availability of commercial PACE in California through the WRCOG program plays an important role in economic development across California,” stated Debbie Franklin, Council Member, City of Banning and WRCOG Committee Chair. “C-PACE helps property owners increase operational efficiencies, increase their property values and contribute to community sustainability goals,” he/she continued.“We are pleased to see a private capital provider with the experience of Greenworks Lending enter the California market through the WRCOG program,” stated Jonathan Pickering, Managing Director of K2 Clean Energy Capital, LLC. “Greenworks Lending provided fantastic support to K2 on the Lathrop property and we were able to help the project developer secure funding quickly.”“We were excited to work with K2 Clean Energy Capital LLC on our first project in California.” Stated Bailey. “K2’s experience with Commercial PACE ensured that the process went smoothly and efficiently for the property owner. K2 provided hands on support to the property developer, from determining PACE project eligibility, obtaining lender consent, through to confirming the disbursement plan with the contractors.”As with the state’s residential program WRCOG will serve as program administrator for Greenworks Lending’s commercial PACE offering, providing general program oversight and ensuring borrower protections are maintained for voluntary tax assessments placed on commercial properties by their owners. For more information about the partnership, visit www.wrcog.us/230/PACE-Programs.
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About Greenworks Lending
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 property owner investment in renewable energy and energy efficiency projects through state legislated C-PACE (Commercial Property Assessed Clean Energy) programs on a national level. For more information visit www.greenworkslending.com.
WRCOG is a joint powers authority, consisting of the County of Riverside, 18 cities, two regional water districts, the Riverside County Superintendent of Schools, and the Morongo Band of Mission Indians. Its actions and activities are guided by its members. Recognizing that issues related to growth are not constrained by jurisdictional boundaries, WRCOG focuses on a number of regional matters important to the future of Western Riverside County. By working together through its committee structure and leveraging resources, WRCOG is cost-effective by reducing duplication of effort and sharing information, enabling strong advocacy and strengthening Western Riverside County’s standing in Southern California and the State. WRCOG’s program areas are varied and range from transportation to air quality, solid waste, environment, energy, economy, sustainability, and growth. For more information about WRCOG please visit www.wrcog.us.
About K2 Clean Energy Capital, LLC
K2 Clean Energy Capital is a leading developer of C-PACE renewable energy, energy efficiency, and water conservation projects with a focus on the hospitality, bio-tech, food-processing/distribution, and retail industries. K2 works with building owners and project developers on both building upgrades and new construction. The company has offices in Campbell, CA in the San Francisco Bay Area and Austin, TX. For more information visit www.k2cleancap.com.