Dividend Finance recently closed two Commercial PACE bonds, each consisting of a $1,000,000+ assessment to finance clean energy projects in California. One bond consists of a $1,012,000 assessment covering an installation of a 302.22 kW carport-mounted solar array at a 185-site manufactured housing community in Yuba City
. A family-controlled entity owns the community plus a series of other communities in Northern California. This was the owner’s first time using a PACE assessment to fund a project, having previously deployed working capital to fund solar PV installations among its portfolio properties. The solar PV system is projected to reduce the property’s electricity costs by over $88,000 during its first year of operation.
Dividend also closed a $1,036,000 Commercial PACE bond that financed the installation of a 270.4 kW roof-mounted solar PV array and a cool roof on a microbrewery in Anaheim owned by a transnational beverage and brewing company. The project involved a gut renovation of a 60,000-square foot industrial building, including demolishing 50% of the building area and installing a brewing facility and restaurant. This was the parent company’s pilot PACE project nationwide. The property’s electricity costs are projected to be over $55,000 lower in the first year following installation of the solar PV system and cool roof.
PACE (Property Assessed Clean Energy) is a public/private mechanism for financing energy efficiency, renewable energy, water conservation, and seismic upgrades on privately-owned property in California. There are active PACE programs in 20 states, with PACE-qualifying measures determined by each jurisdiction. Over 1,100 commercial PACE-financed projects totaling more than $485 million have been completed.
Dividend is the PACE Program Administrator for the California Enterprise Development Authority, which issues PACE bonds in California to bring capital to clean energy, water conservation and seismic retrofit projects. Dividend is also a Qualified Capital Provider for commercial PACE projects in Colorado and Missouri.