Greenworks Lending, a provider of Commercial Property Assessed Clean Energy (C-PACE) financing, has closed the first C-PACE deal in the state of Delaware. The price tag is $3.9 million.
The state’s first use of C-PACE financing will be to provide upfront capital for energy-efficient upgrades to Wilmington’s DuPont building. The financing for the DuPont building is the first use of the Energize Delaware C-PACE program which is administered by the Delaware Sustainable Energy Utility, Inc.
The landmark building was originally constructed in 1908 and had been the longtime corporate home to DuPont until 2015.
Today, the building is the global headquarters for The Chemours Company, a global chemistry company.
The nearly 1 million-square-foot building that covers a city block, has been undergoing significant renovations since The Buccini/Pollin Group purchased it in 2017.
When completed, the space will be a modern, mixed-use facility consisting of a hotel, luxury apartments, a theatre, retail space, and Class A office space.
“Greenworks Lending is very excited to be the first capital provider to bring C-PACE financing to Delaware,” said Genevieve Sherman, head of new markets and partnerships at Greenworks Lending. “We look forward to many more projects in the state as more building owners recognize the great opportunity that C-PACE provides in helping to improve their bottom line and reduce energy consumption.”
The financing will be used to cover multiple energy efficiency measures including chiller plant replacement, boiler replacement, and cooling tower refurbishment. For this project, the contractor selected Trane CenTraVac chillers with Opteon XP30 (R-514A) refrigerant developed and produced by Chemours.
These upgrades will deliver estimated savings of $14.2 million over the equipment’s lifespan while also delivering environmental benefits equivalent to reducing 2,670 metric tons of CO2 emissions annually.
“PACE financing closes a significant gap in the market for funding energy efficiency projects for commercial properties,” said Doug Edwards of Seiberlich Trane Energy Services, the contractor on the project. “We have been working for years to bring PACE to Delaware and are so excited to finally make this new program a reality for the building owners and tenants of the historic DuPont Building. This project will create many local jobs and will significantly lower the property’s carbon footprint. It’s an exciting win-win for all parties involved.”
Tony DePrima, executive director of Energize Delaware stated, “We are really excited about our first closing, this would not be possible without the strong support of Matt Meyer, New Castle County (DE) Executive and the whole County Council, we hope to expand the program in Sussex and Kent Counties this year.”
In addition to Delaware, the C-PACE market continues to grow nationally with active programs in more than 20 states across the country.