C-PACE’s Three-fold Economic Development Showcased on Rooftop

by | Dec 12, 2018 | News

(Above left to right: Jerry Keefe, CarVal Investors; Jayme Stevenson, First Selectman Darien CT; Jessica Bailey, Greenworks Lending; Jerry Nielsen, The Nielsen Company; U.S. Congressman Jim Himes; Rob Liflander, Peregrine Renewable Energy; Genevieve Sherman, Greenworks Lending; Nicholas Zuba, CT Green Bank; State Senator Bob Duff; and Matt McCooe, CT Innovations)

U.S. Congressman Jim Himes, CT State Senator Bob Duff, and Darien CT First Selectman Jayme Stevenson gathered at Greenworks Lending at the beginning of December to recognize the three-fold economic impact of the state’s commercial PACE program.  The event was hosted during the convergence of program with practice, as Greenworks Lending’s headquarters building at 28 Thorndal Circle in Darien is going solar. 

Property owner, Jerry Nielsen deployed C-PACE financing from Greenworks to install the panels with Stamford-based Peregrine Renewable Energy serving as the contractor.  

Represented in the project, the three-fold economic development potential of the program:

  • Commercial property owner, Jerry Nielsen reduces operating costs and increases property value via the installation of a solar array;
  • Peregrine Renewable Energy (Stamford, CT) completes the sale of a 134kW system that supports a local installation team of 5-6 persons;
  • Greenworks Lending, whose founders helped to develop the program in CT while working with the CT Green Bank, closed that very day a $150 million securitization of C-PACE assets (a pool of special assessments made to finance dozens of efficiency and renewable projects across the country).

The 368-panel installation is the second for Nielsen with Peregrine Renewable Energy, who also completed an equivalent array at 4 Thorndal Circle.  

“It’s wonderful to see constituents such as Jerry Nielsen embrace programs that are both impactful to their business interests via lower utility bills as well as to the community as a whole,” stated Senator Bob Duff. “The C-PACE program administered by the Green Bank fuels these decisions and what’s more, the capital is private – from firms such as Greenworks Lending – rather than tax dollars,” Duff continued.

U.S. Congressman Jim Himes (L), CT State Senator Bob Duff (middle) and Jessica Bailey (R) discuss the growth of C-PACE financing atop Greenworks’ headquarters office in Darien, CT.

As Greenworks expands nationally, CEO and Co-founder Jessica Bailey sees the program’s strength at home as a model for success nationally. 

“The success of C-PACE, and thus our success as a company, is dependent upon a partnership from all levels of government – from the federal level with leaders like Representative Himes supporting efforts to extend the ITC (investment tax credit), to the state level with leaders like Senator Duff supporting statewide PACE policy, and at the local level with leaders like First Selectwoman Stevenson passing local ordinances within Darien to allow all commercial building owners within her town to access this type of financing,” stated Bailey.

U.S. Congressman Jim Himes (L) with building owner, Jerry Nielsen and Darien First Selectman, Jayme Stevenson atop 28 Thorndal Circle, where Nielsen has tapped the C-PACE program and Greenworks Lending to finance a 134kW solar array.

Photos by: Carmine Picarello