Greenworks Lending is a leading provider of commercial property assessed clean energy (C-PACE) financing. Led by several of the industry’s founding policy developers and standard-setters, the company was founded in 2015 with the goal of bringing C-PACE financing to building owners across the country. Greenworks has provided financing to hundreds of commercial properties in more than a dozen states.
The company completed the industry’s first rated securitization in September 2017 and completed a second securitization in December 2018.
Greenworks currently provides C-PACE financing in 19 States and the District of Columbia. States include: CA, CO, CT, DE, FL, IL, KY, MD, MI, MN, MO, NY, OH, OR, PA, RI, TX, VA and WI. Greenworks finances a wide range of energy and water saving upgrades in all standard commercial and industrial property types as well as new construction. C-PACE’s property-value based underwriting allows us to fund projects for a wide variety of businesses and ownership structures.
C-PACE makes it possible for commercial property owners to obtain low-cost, long-term financing for energy efficiency, water conservation and renewable energy projects. The program starts with a state-level government policy that classifies clean energy upgrades as a public benefit – like a new sewer, water line or road. These upgrades can be financed with no money down and then repaid as a benefit assessment on the property tax bill over a term that matches the useful life of improvements and/or new construction infrastructure (typically ~20 years). The assessment transfers on the sale of the property and can be passed through to tenants where appropriate. While facilitating sustainability efforts, the program also saves property owners money by ensuring that the combination of energy savings and incentives is greater than the cost of repayment.
Name: Andrew Zech
Title: Head of Business Development
Telephone number: (443) 226-4636
Greenworks Lending was founded in 2015 by the architects of the Connecticut Green Bank’s C-PACE program and lends in ten PACE programs across 19 states and the District of Columbia.
| Goal Achieved|
$90 MillionAs of December 2018