Last year Maine’s Legislature authorized the use of a new loan product called Commercial Property Assessed Clean Energy (C-PACE). C-PACE loans offer favorable terms for developers and property owners to enable clean energy upgrades to commercial properties and multifamily properties. C-PACE can enable longer-term, fixed-rate, non-recourse financing for both ground up construction projects and retrofits to existing buildings, and can improve owner returns, decrease interest rate volatility, and reduce emissions within the CRE sector. C-PACE is currently active in 32 states, and has been used to fund over $2.5 billion worth of projects nationally since the program’s inception in 2009, and is expected to be a highly useful tool to the Maine development community.
Hear from presenters Michael Doty of Nuveen Green Capital, the leading C-PACE provider nationwide, on the variety of possible use cases, how it can be accretive to the capital stack, and specific projects they have recently funded, Mark Stasium from Camden National Bank, on how they view C-PACE from a structural and risk perspective, and James Neal from Efficiency Maine, the statewide administrator of C-PACE in Maine, who is currently finalizing a rulemaking and will provide a status update on the launch of the program. The presentation will be followed by a healthy discussion and Q&A, and will provide attendees with the understanding of how they can access this exciting form of financing as it becomes available. Paul Peck, Founder of LWS Development, and attorney at Drummond & Drummond will moderate the event.
The event is sponsored by Norway Savings Bank.