The River Mall in Rancho Mirage, CA

$2 Million   |   25 Year Term   |   Solar Carport, LED Lighting, Water Pumps, and Control Systems

Solar and Energy Efficiency Solution for The River at Rancho Mirage

The River is the premium shopping, dining and entertainment destination in Coachella Valley. CleanFund secured $2 million in C-PACE financing utilizing a SolarPACE PPA structure. Instead of owning the solar system and claiming the solar tax incentives directly, CleanFund arranged a PPA contract with a third party who will own the system and utilize the solar tax incentives.

The Challenge
Ownership wanted to provide valuable covered parking to their tenant’s customers, while generating clean energy onsite with long-term financing and no out-of-pocket cost.

The Solution
C-PACE allows for the pass through of both the C-PACE payments as a property tax assessment and the energy cost savings as CAM charges to the tenants of the mall.

The Result
The improvements offset over 95% of the facility's common area electricity use and will generate CAM charge reductions to the tenants of over $200K per year.
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Stephen Tsu
Stephen Tsu 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.”