Connecticut's Clean Energy Finance and Investment Authority (CEFIA), the state's green bank and Clean Fund, a specialty property assessed clean energy (PACE) finance provider, has securitized a portfolio of commercial PACE (C-PACE) transactions.
The sale will fund a $30 million portfolio of C-PACE benefit assessment liens financed through a conduit structure. The Connecticut Public Finance Authority is the issuer of the bonds, which have been purchased by Clean Fund and CEFIA.
‘The sale of this initial portfolio of PACE liens to Clean Fund is the latest step in our effort to attract and deploy private capital here in Connecticut supporting energy efficiency and renewable energy opportunities,’ says Bert Hunter, chief investment officer of CEFIA. ‘Some of the greatest value of the sale has been our enhanced understanding of how private capital providers currently value these low-risk, secure transactions.’
Hunter points out that CEFIA has already financed six commercial-scale solar projects with a total capacity of 833 kW. The C-PACE program has approved financing for 15 additional projects, for a combined capacity of 4,773 kW for the 21 projects.
With 75 projects in the pipeline, financing of up to $75 million is anticipated by the end of this year.