Petros PACE Finance Completes First Colorado Transaction
PETROS PACE FINANCE COMPLETES FIRST COLORADO TRANSACTION
Petros becomes the first national lender to complete deal in Colorado C-PACE market
AUSTIN, TEXAS (Dec. 15, 2016) — Petros Pace Finance LLC has closed its first Property Assessed Clean Energy (PACE) financing deal in Colorado, enabling a local commercial property owner in Boulder County to make a significant investment in solar power to achieve long-term energy savings without any out-of-pocket expenses.
Petros is the first national private PACE lender to complete a transaction through the Colorado C-PACE program, which allows commercial property owners to retrofit their buildings with renewable energy and energy efficient systems by borrowing money from a private lender and repaying the loan via a special assessment on their local property tax.
“Petros continues to expand throughout the country, and we are very pleased to have completed the first PACE transaction funded by a national private lender in Colorado,” said Petros CEO Mansoor Ghori. “This loan enabled the Ellwoods to make a long-considered investment in renewable energy that would otherwise have been cash flow negative. This investment will result in significant energy savings for the owner and yield important environmental benefits for the entire community.”
Property owner J&W Ellwood LLC plans to install a 46 kW ground mounted solar array at the company’s retail building at 430 Black Diamond Dr. in Boulder County.
The investment is expected to generate $208,000 in energy cost savings for the company over the course of the 12-year loan funded by Austin-based Petros.
“Colorado C-PACE provided a way for us to finance the solar project we have been trying to implement for several years,” said owner Wendy Ellwood. “With no out-of-pocket expense the solar array will provide 100 percent of our production facility electrical needs.”
Like all PACE loans, repayment will be facilitated through the county property tax assessment process. Voluntary assessments are placed on the building owner’s property tax bill, and the assessment is repaid over an agreed term of up to 20 years.
The assessment obligation automatically transfers to the next owner if the property is sold before the loan is repaid.
Petros is one of the first specialty finance firms in the U.S. to dedicate all of its resources to the commercial PACE market nationwide. While having completed projects in many other states, this is their first project in Colorado.
Currently available in 32 states and Washington, D.C., PACE financing makes comprehensive clean energy projects possible on a broader scale for the first time by:
- Providing up to 100 percent financing to commercial property owners in order to fund energy efficient projects that deliver deep energy cost savings through the life of the loan.
- Rendering a private loan into a property tax obligation and enabling lenders to grant longer terms of up to 30 years or the useful life of the upgrades.
- Allowing commercial property owners to increase the value of their existing buildings by reducing total energy costs and increasing net operating income.
For more information visit https://petros-pace.com/.
Petros PACE Finance
Austin-based Petros PACE Finance, LLC is solely dedicated to providing long-term PACE financing to U.S. commercial property owners seeking to increase their property values and reduce their carbon footprint. The principals of Petros PACE Finance – Mansoor Ghori, Tommy Deavenport and Jim Stanislaus – have substantial experience in structured finance and lending, and bring significant value to all parties involved in the transactions in which they participate.
Media Contact: Kate Miller Morton
Phone: (512) 922-6277