PACE Loan Group Invests in Solar at 1000 Omega Corporate Center
MINNEAPOLIS, Dec. 30, 2022 /PRNewswire/ — The PACE Loan Group, a national leader for Commercial Property Assessed Clean Energy financing (C-PACE), has closed. $8 Million Loan, financing solar panels at 1000Omega, a corporate office Pittsburgh, PA. 1000 Omega is the largest C-PACE deal in Allegheny County Western PA.
PACE loans are for a 4.8MW carport-mounted solar panel system. This system will be installed on the property’s parking lot to supply power to the building as well as to sell excess power back to the grid. The PACE proceeds will finance energy conservation measures and renewable energy measures. This project is expected to reduce energy consumption by approximately 80%. $378,407 annually.
“Sustainable Energy Fund” is proud to offer its services as third-party administrators to Allegheny County “Thank you to their C-PACE Program,” John CostlowPresident of Sustainable Energy Fund. The organization manages many programs throughout the state. “SEF looks forwards to seeing many more C-PACE Projects in,” said Jeremy. Allegheny County All over Pennsylvania.”
PACE Loan Group was the financier of the loan. A national life insurance company gave their consent. PLG CEO Rafi Golberstein“We are proud to support the largest deal in Western PA so far,” said. This is yet another example of how developers can make use of PACE to maximize efficiency in accordance with the new Inflation Reduction Act. PLG is seeing solar deals such as this one increase due to the tax incentives provided through the IRA.
Commercial real estate developers can utilize C-PACE to obtain low-cost, long-term financing for sustainable building improvements, including solar panels. C-PACE uses borrowed capital that is repayable via tax assessments over a period of twenty-to-thirty-years. According to PACENation over 2,900 commercial real property projects were funded by more than $4 Billion C-PACE loans.
About the PACE Loan Group
PACE Loan Group (PLG), a leader in the C–PACE market, provides direct C-PACE financing for commercial property owners. The PLG team offers expertise across the capital stack. Visit our website to learn more about PLG www.paceloangroup.com.
Sustainable Energy Fund
Sustainable Energy Fund (SEF), a 501(c),(3) nonprofit organization, is dedicated to removing regulatory, financial and educational barriers that prevent sustainable energy futures. SEF is a non-profit organization that is financially independent. SEF is the administrator of the Allegheny County PACE program. Learn more www.thesef.org/our-programs/c-pace/
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SOURCE PACE Loan Group