The River Mall in Rancho Mirage, CA
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.
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.
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 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.