CASE STUDIES

Since we control the deployment of our capital, we have the ability to deliver on financing commitments with no surprises. Request Financing

The India Community Center will utilize a PPA structure to finance the construction and installation of a 193kW DC roof-mounted solar system. Financing also includes a small number of water efficiency measures financed, such as hands free flush valves and electronic faucets. Installation of the solar system will be completed by First Edison and installation of the water efficiency measures by AquaTek. The estimated time frame for final completion of all measures is 60 days.

Project Highlights:

$467,560

PACE Financing

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20 years

Term

75%

Projected Energy Savings


Southern California Medical Office Building

CleanFund provided $2.5MM in PACE Reimbursement financing for HVAC systems, cool roofing system, glazing, and conveying systems.
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$2.5 million

PACE Financing

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20 years

Term

N/A

Projected Energy Savings

The Challenge

As a new construction project, the owner was out-of-pocket during the construction period. As part of the building improvements, the property owner also wanted to secure long-term, credit rated tenants.

Type: Medical / Dental – Office

Size: 44,455 sq ft

Year Built: 2016

The Solution

CleanFund underwrote the project in parallel with the building’s construction schedule, funding the project as soon as construction was complete. CleanFund’s single lump sum disbursement allowed the owner to instantly recoup their out-of-pocket funds.

This Class A Medical Office Building benefits from one of the most prestigious addresses in the country. The building is currently 89% pre-leased, with 15-year leases executed with  AA- corporate credit rated tenants.

The building’s design exceeds 2013 California Title 24 energy efficiency code and will achieve improved energy performance over the period of the assessment.

Eligible Updates

The PACE financing request represents a reimbursement for funds spent for HVAC systems, cool roofing system, glazing, and conveying
systems.

Historic Brookfield Building

CleanFund provided $2.4 million in financing towards the redevelopment of the historic Brookfield Building in downtown Kansas City .

$2.4 million

PACE Financing

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20 years

Term

33%

Projected Energy Savings

The Challenge

The 85-year old building has stood vacant since 2005 as developers worked to raise capital for the project.

The principals of Kothe Real Estate Partners, Great Lakes Management Group, and KP Property Development formed a partnership, Brookfield Hotel Operator LLC, to redevelop the historic Brookfield Building.

Type: Mixed Use – Hotel / Multifamily

Size: 104,969 sq ft

Year Built: 1930

The Solution

Redevelopment of the historic Brookfield Building in downtown Kansas City will transform a dilapidated downtown property into a modern, high efficiency mixed-use building, while restoring it to its historic grandeur.

The owners saw PACE as a perfect solution for financing high-efficiency new heating, ventilation and air-conditioning systems, new LED lighting and water heater improvements. The $2,420,000 in PACE financing is the largest commercial PACE transaction in Kansas City to date.

Eligible Updates

74kW roof mounted solar system, six new HVAC units, and five thermal energy storage systems.

Mixed Use – Hotel / Multifamily

CleanFund provided $625,000 in PACE financing for a new roof, insulation, and new windows.
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$625,000

PACE Financing

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21 years

Term

28%

Projected Energy Savings

The Challenge

Linden Street Partners acquires, re-positions and develops real estate assets in the western and central United States with a primary focus on the development of mixed-use, multi-family housing in the urban cores of cities with economic vitality and a demonstrated commitment to walk-ability and transit-oriented development.
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Type: Medical / Dental – Office

Size: 44,455 sq ft

Year Built: 2016

The Solution

1721 Walnut Street is located in the Crossroads Art District and is a focal point of Kansas City’s urban redevelopment.
Linden Street Partners will utilize $625,000 in PACE financing for a new roof, insulation, and new windows as part of the redevelopment project that will turn a three-story warehouse into a modern, 38-unit apartment building with ground floor commercial space. The improvements are expected to reduce both buildings’ energy consumption by about $550,000 annually.

Eligible Updates

New roof, insulation, and new windows.

Southern California Retail-Anchored-Big Box

CleanFund provided $2.4M in PACE financing for a 667kW DC solar carport and energy efficiency project.

$2 million

PACE Financing
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25 years

Term

95%

Projected Energy Savings

The Challenge

The PACE financing of this project allows for the pass-through of both the PACE payments as a property tax assessment and the energy cost savings as CAM charges to the tenants of the mall. The net effect to the tenants will be a reduction in costs.

Type: Retail-Anchored-Big Box

Size: 227,550 sq ft

Year Built: 2002

The Solution

CleanFund provided $2 million in financing for the construction of a solar PV carport system and installation of energy efficiency upgrades at The River at Rancho Mirage. The River, which was acquired by the CheerLand Investment Group in June 2014, is the premier shopping, dining, and entertainment destination in the Coachella Valley.

The River features Century Theatres; leading restaurants including Fleming’s Steakhouse, The Yard House, PF Chang’s, and the Cheesecake Factory; and many high-end retail establishments.

Eligible Updates

667kW DC solar carport system and a new water pumping and control system that will offset over 95% of the facility common area electricity use and will generate CAM charge reductions to the tenants of over $200K per year.

California Ethanol Plant

CleanFund provided $10 million in financing through CleanFund’s SolarPACE program will be used for a 5 MW solar PV system.

$10 million

PACE Financing

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20 years

Term

40%

Projected Energy Savings

The Challenge

CleanFund worked with installer Borrego Solar to secure financing for the 5 MW system, which is specially designed to meet the unique needs of the ethanol plant.

A solar project of this size was made possible by the passing of new California Net Metering 2.0 rules that allow offset of greater energy usage than was previously available.

Type: Industrial Ethanol Plant

Size: 137 acres

Year Built: 2006

The Solution

CleanFund provided $10 million in financing through the SolarPACE program, the proceed of which will be used to install a 5 MW solar PV system. The system is expected to reduce the Madera facility’s annual utility costs by over $1 million and will be cash flow positive from year one. The system also qualifies for the Energy Investment Tax Credit, further improving its attractive investment profile.

“Pacific Ethanol represents the new generation of fuel companies—low carbon fuel production powered by zero carbon energy,” said Mike Hall, CEO of Borrego Solar. “This will be one of the largest single-site net metered projects in PG&E territory.”

Eligible Updates

5 MW solar PV system.

Southern California Retail

CleanFund provided $721,000 in PACE financing to retrofit an existing office and retail building with a new reflective roof, a 138 kW solar array and a new HVAC system.

$721,000

PACE Financing

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25 years

Term

97%

Projected Energy Savings

The Challenge

A family run retail store since 1938, Galey’s Marine saw PACE as a way to gain access to capital for investing in EE/RE, which they would have not have had access to otherwise.

 

Type: Retail

Size: 32,768 sq ft

Year Built: 1938

The Solution

CleanFund provided $721,000 in PACE financing to retrofit an existing office and retail building with a new reflective roof, a 138 kW solar array and a new HVAC system.

The improvements will reduce property’s energy consumption by 97%.

This is a great example of using PACE to invest in under-served communities in CA.

Eligible Updates

New reflective roof, a 138 kW solar array and a new HVAC system.

Hartford Mixed-Use Office

The $8.4 million PACEDirect™ financing by CleanFund enabled State House Square, one of Hartford’s premiere, Class A office buildings, to significantly lower its energy and operating costs.

$8.4 million

PACE Financing

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25 years

Term

90%

Projected Energy Savings

The Challenge

The owners of State House Square were paying significant costs to the local utility for heating and cooling. In addition, the respective infrastructure was not efficient.

Type: Mixed-Use Office Space

Size: 100,000 sq ft

Year Built: 1920

The Solution

The owners used our financing to construct a more efficient central heating and cooling plant on the premises of State House Square, thereby significantly reducing costs and increasing the overall efficiency. Obtaining consent of the assessment from one of the nation’s largest loan services was also a key ingredient for success.

Eligible Updates

New central Heating & Cooling plant, including chillers, natural-gas fired condensing boilers, steam boilers, cooling towers, and a plate-and-frame heat exchanger.

San Francisco Mixed-Use

CleanFund financed a $1.8 million PACE bond that paid for a retrofit for the mixed-use four-story building located at the crossroads of Little Italy, Chinatown, and the Broadway District.

$1.8 million

PACE Financing

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20 years

Term

24%

Projected Energy Savings

The Challenge

The building was acquired several years ago by Cypress Properties Group, a Bay Area based real estate developer, who intended to redevelop it into a modern complex with office, theater, and retail space.

Type: Mixed-Use

Size: 45,000 sq ft

Year Built: 1984

The Solution

CleanFund’s PACE financing paid for a range of energy efficiency upgrades that turned the property into a highly desirable space for the tenants. PACE financing was especially attractive for the owner because it replaced equity otherwise needed for the energy efficiency component of this renovation.

Eligible Updates

HVAC Replacement, LED lighting, building controls, cool roof, envelope improvements (insulation, high performance windows), low flow water fixtures.

San Francisco Office

CleanFund and GreenFinanceSF, San Francisco’s PACE program, joined with vendor Johnson Controls, a provider of building energy efficiency projects and services, and Prologis, an owner and operator of industrial real estate, in a project to upgrade the buildings lighting system, add PV and improve energy efficiency.

$1.4 million

PACE Financing

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20 years

Term

32%

Projected Energy Savings

The Challenge

Pier 1, a landmark building that serves as Prologis’ corporate headquarters, is owned by Port of San Francisco. The Pier 1 financing was the first for the San Francisco GreenFinanceSF commercial PACE program and is the first PACE transaction to be secured by a leasehold interest.

Type: Office space

Size: 151,000 sq ft

Year Built: 1918

The Solution

CleanFund’s PACE financing paid for a range of energy efficiency upgrades that turned the property into a highly desirable space for the tenants. PACE financing was especially attractive for the owner because it replaced equity otherwise needed for the energy efficiency component of this renovation.

Eligible Updates

1,500 new lighting fixtures, 200kW rooftop solar, HVAC overhaul, building controls

San Jose R&D Flex

“San Jose Plumeria” is an office building in San Jose bought by Vertical Ventures in 2015. With a Triple Net Lease structure, Vertical Ventures plans to re-position this property in San Jose’s fast-growing real estate market and can pass-through the costs of the improvements to its tenants. There were no upfront costs and the assessment stays with the property and will transfer to the new owner.

 

$541,874

PACE Financing

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27 years

Term

$1,976,534 (over financing term)

Projected Project Savings

The Challenge

As of 2015, the property was 50% occupied by a single tenant. New roofing, HVAC, and electrical equipment was needed throughout the entire building. Vertical Ventures is creditworthy enough to take out a traditional bank/construction loan for this type of work, but liked the idea of PACE because it enabled them to do a deeper retrofit than they might otherwise had done

Type: Research/Development R&D Flex

Size: 55,484 sq ft

Year Built: 1982

The Solution

CleanFund’s PACE financing paid for a range of energy efficiency upgrades that turned the property into a highly desirable space for the tenants. PACE financing was especially attractive for the owner because it replaced equity otherwise needed for the energy efficiency component of this renovation.

Eligible Updates

New roofing, HVAC, and electrical equipment

Sonoma Mixed Use

Codding Enterprises, developers of Sonoma Mountain Village in Rohnert Park, CA, received $1.6 million in funding from CleanFund LLC provided through the Sonoma County Energy Independence Program (SCEIP).

$1.6 million

PACE Financing

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20 years

Term

$200,000 annually

Projected Energy Savings

The Challenge

CleanFund’s financing of the Sonoma Mountain Village project made history as the first PACE project ever to be privately financed. CleanFund’s role as educators to the property owners, the mortgage lenders, the county of Sonoma, the developers, and the solar deals on PACE financing, was challenging but a invaluable experience.

Type: Mixed-Use

Size: 200 acres

Year Built: 1984

The Solution

The funds received will help pay for a second 1MW solar electric system, allowing Sonoma Mountain Village to cover 100% of its electric needs from on-site renewable power.  The groundbreaking transaction was structured and financed by CleanFund. The SCEIP was initially set up to provide Property Assessed Clean Energy (PACE) financing using the County’s Treasury funds.

Eligible Updates

1.1 MW solar PV system

Central California Winery

CleanFund arranged commercial PACE financing for the 84 acre winery situated halfway between San Francisco and Los Angeles.

$811,419

PACE Financing

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20 years

Term

85%

Projected Energy Savings

The Challenge

The property consisted of an eight bedroom B&B, private residences, an office building, winery facility, bottling room, commercial kitchen, bistro kitchen, and a storage warehouse. The company was looking to offset its existing electric bills with renewable generation capacity.

Type: Resort / Winery

Size: 65,000 sq ft

Year Built: 2011

The Solution

Solar was selected as the most cost effective approach. As a relatively new business, the company did not qualify for conventional bank financing.

Eligible Updates

335 kW ground-mount solar PV