PACE Loan Group Invests In Solar at 1000 Omega Corporate Center
MINNEAPOLIS, Dec. 30, 2022 /PRNewswire/ — PACE Loan Group (PLG), a national leader in Commercial Property Assessed Clean Energy (C-PACE) financing, closed an $8 million loan, financing solar panels at 1000 Omega, a corporate office in Pittsburgh, PA. 1000 Omega is the largest C-PACE deal in Allegheny County and Western PA.
The PACE Loan is for a 4.8 MW carport-mounted solar PV system that will be installed in the parking lot of the property to provide power to the building and sell excess power to the local grid. PACE proceeds finance energy conservation and renewable energy measures, and this project is expected to save $378,407 annually.
“Sustainable Energy Fund is proud to offer our services as a third-party administrator to Allegheny County for their C-PACE program,” said John Costlow, President of Sustainable Energy Fund, the organization administering several programs throughout the state, “SEF looks forward to seeing many more C-PACE projects in Allegheny County and throughout Pennsylvania.”
PACE Loan Group financed the loan, which earned consent from a national life company. PLG CEO, Rafi Golberstein, stated, “We’re proud to support the largest deal in Western PA thus far. It’s yet another good example of how developers can use PACE to maximize efficiency under the new Inflation Reduction Act (IRA). PLG is increasingly seeing solar deals, like this one, come up due to the tax incentives offered by the IRA.”
Commercial real estate developers can utilize C-PACE to obtain low-cost, long-term financing for sustainable building improvements, including solar panels. C-PACE utilizes borrowed capital which is repaid over a twenty- to thirty-year period via tax assessments. According to PACENation, upwards of 2,900 commercial real estate projects have been funded by over $4 Billion of C-PACE loans.
PACE Loan Group (PLG) is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. The PLG team provides expertise up and down the capital stack. To learn more about PLG, visit our website at www.paceloangroup.com.
Sustainable Energy Fund (SEF) is a 501(c)(3) organization dedicated to breaking down financial, educational, and regulatory barriers to a sustainable energy future. SEF operates as a financially independent nonprofit enterprise. SEF serves as the program administrator for the PACE program in Allegheny County. Learn more www.thesef.org/our-programs/c-pace/
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SOURCE PACE Loan Group
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