Invest in Healthy Buildings with C-PACE
As people return to their traditional work environments, implementing strategies and measures to keep workspaces safe is more important than ever. To reduce the risk of airborne exposure to COVID-19, improving ventilation infrastructure is a great place to start making upgrades.

In his latest NEREJ feature, Infrastructure Bank CEO Jeff Diehl explains how the Commercial Property Assessed Clean Energy (C-PACE) program is giving commercial property and business owners the opportunity to affordably finance upgrades that not only improve a building’s environmental and safety benefits, but also reduce its energy footprint.

With long-term, fixed-rate loans, C-PACE offers 100% project financing that is secured through a property tax assessment. No personal guarantee is required, and in certain cases, the interest can be capitalized for up to two years - mitigating the near-term impact on cash flow.

NEREJ
Infrastructure Bank’s C-PACE Program Supports Marriott Renovations
The Infrastructure Bank is pleased to announce the closing of a $2.5 million C-PACE loan with the Providence Marriott Downtown located on Orms street. The project includes the installation of a state-of-the-art, highly efficient HVAC system along with new controls and LED lighting throughout the facility. The comprehensive upgrades will reduce the hotel’s energy use by almost 20% when compared to their current usage. Over the 18-year financing term, the hotel is expected to reduce its carbon footprint by 12,945 carbon tons, a figure equivalent to the annual energy output of 1,500 Rhode Island homes. 
$1.4 Million for Power Upgrades at the Pascoag Utility District
Using a $1.4 million loan from the Infrastructure Bank’s Efficient Buildings Fund (EBF), the Pascoag Utility District (PUD) is purchasing a new battery storage facility to upgrade their power grid. The innovative addition of a 3MW/9MWh battery storage facility on Davis Drive will increase reliability and eliminate the need for the Utility District to expand and increase the capacity of existing infrastructure through more expensive, traditional methods.
 
As a result of borrowing from the Infrastructure Bank at lower interest rates, PUD will save its ratepayers $50,000 on debt service payments over the lifetime of the loan.

PBN
Leadership in Times of Crisis
The best time to prepare for an “unknown” crisis, like COVID-19, is before it happens. At the Infrastructure Bank, a commitment to recruiting and training a diverse team of professionals that adapt quickly to crises is at the core of our approach to serving Rhode Island during this turbulent period.
 
Throughout the pandemic, we moved quickly to disburse over $30 million into our economy, supporting municipalities, contractors, vendors, and employees. As Rhode Island begins to re-open, we are prioritizing new investment to support jobs and workforce development and are proud to have supported 2,700 jobs this year. We look forward to continuing our work with all Rhode Islanders to help them recover from the current crisis - and prepare for the next. \

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Register Now for Free C-PACE Webinar
C-PACE makes it possible for commercial property owners and developers to obtain low-cost, long-term financing for energy efficiency, water conservation and renewable energy projects.  If you are a developer, building owner, energy efficiency or renewable energy contractor, register for our webinar on July 23rd to learn more.