PHILADELPHIA, July 20, 2020 /PRNewswire/ -- The Philadelphia Energy Authority, Twain Financial Partners and SHIFT Capital have closed the first project in Pennsylvania to use Commercial Property-Assessed Clean Energy (C-PACE) financing. SHIFT Capital borrowed $1,500,000 in C-PACE financing from Twain Financial to pay for energy and water efficiency upgrades to the commercial portion of a new mixed-use development in Philadelphia.
SHIFT Capital's project, J-centrel, provides new retail and workspace for local businesses, and discounted rent for tenants volunteering in the neighborhood. The C-PACE financing covers cost-reducing measures, including LED lighting, window replacements, energy recovery units, heat pumps, and low-flow plumbing. The measures reduce the building's carbon footprint by 2,700 metric tons of CO2 equivalent.
Under the leadership of Councilmember Derek S. Green (At Large), Philadelphia City Council passed legislation enabling C-PACE financing in Philadelphia in June 2019. "C-PACE is a game-changing tool that brings private sector investment to our city to create jobs, fight climate change, improve public health and help businesses save money," said Green.
C-PACE was enabled in Pennsylvania in 2018 through legislation sponsored by State Senator John Blake (D-Lackawanna County). "We worked for years to get C-PACE across the finish line because we understood the economic and environmental benefits of this creative, market-driven funding mechanism to enable businesses to make important water conservation and energy efficiency upgrades," Sen. Blake said.
"C-PACE was a key tool for rounding out our capital stack, reducing ongoing operating costs, and making our building greener," said Brian Murray, CEO and Founder of Shift Capital, the developer of J-centrel. "C-PACE provided competitively-priced financing and a long-term repayment schedule to make our efficiency improvements cash flow positive."
Emily Schapira, Executive Director of the Philadelphia Energy Authority, the Philadelphia C-PACE Program Administrator, said, "With this project, Pennsylvania C-PACE is open for business, and another step forward towards a robust, equitable clean energy economy."
About the Philadelphia Energy Authority
The Philadelphia Energy Authority (PEA) is an independent municipal authority created in 2010 to advance energy affordability and sustainability. PEA has facilitated over $136 million in clean energy projects in Philadelphia since launching the Philadelphia Energy Campaign in 2016, creating over 1,300 jobs. PEA administers the Philadelphia C-PACE program, which allows commercial property owners to borrow money for energy efficiency, renewable energy, and water conservation projects. Learn more: www.PhiladelphiaCPACE.org
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SOURCE Philadelphia Energy Authority