K2 Clean Energy Capital has developed a $2.4M, 667kW DC solar carport and energy efficiency project for the The River at Rancho Mirage funded through PACE financing. The River is the premium shopping, dining and entertainment destination in Coachella Valley. This project offsets 95% of the mall’s common area electrical use and enables a net savings to the tenants.
RANCHO MIRAGE, CA (December 23, 2016) K2 Clean Energy Capital, LLC announced today that the PACE funding has been executed for the construction of a $2.4M project including 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.
The project which was developed by K2 Clean Energy Capital LLC includes both a 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. Construction will begin in Q1/2017.
“This project demonstrates our commitment to the environment and to continued modernization at The River. In addition our tenants will directly benefit from the cost savings achieved” said Ungar Kung, Director, CL Investment Group. “K2 Clean Energy Capital guided us through each step of this process from the initial energy audit, development of the engineering solutions, contractor bidding and contract negotiation, through to structuring of the PACE and tax equity financing. Following a thorough selection process, we selected Renova Energy Corp, a leading solar provider based in the Coachella Valley, to construct the solar system using American-made, SolarWorld PV modules.”
“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” added Stephen Tsu, co-founder and Managing Director of K2 Clean Energy Capital. “This project showcases how PACE financing can be utilized for multiple renewable energy and energy efficiency initiatives to create a winning solution for both the property owner and the tenants.”
Funding for the PACE financing was provided by CleanFund Commercial PACE Capital, located in Sausalito, CA. “We are delighted to support K2 Clean Energy Capital and The River with CleanFund’s PACE financing of this exciting project” says Chris Robbins, Managing Director at CleanFund. “The demand for commercial PACE financing continues to grow rapidly because it provides cost-effective, long-term financing for renewable energy, energy efficiency and water conservation measures for most commercial properties.”