Spinnaker Real Estate Partners Goes Solar with C-PACE
How does an outdated engineering plant become a state-of-the-art, energy-efficient sports facility? And how is an industrial complex repurposed into a home for makers, artisans, and manufacturers?
Through innovative C-PACE financing, Norwalk-based Spinnaker Real Estate Partners has harnessed the power of solar to reduce operating costs, exceed industry standards in sustainability, and give new life – and purpose – to older buildings.
Spinnaker is a privately owned real estate company engaged in the acquisition, development, ownership, and management of commercial properties and multi-unit housing communities for almost 70 years. With a focus on urban redevelopment opportunities, Spinnaker has a passion for projects that connect people, housing, business, jobs, and recreation. In fact, since taking over the business over three decades ago, chairman and CEO Clay Fowler has focused on a commitment to resilient and sustainable
building practices.
However, updating the energy profile of older buildings to lower energy use and improve operations is a challenge that can tie up capital and reduce the return on investment that Spinnaker and its investment partners expect. That’s why 64 Solar, specialists in designing energy-saving solar systems for commercial real estate, suggested that C-PACE financing from the Connecticut Green Bank would be the perfect fit for Spinnaker.
Watch the case study video or download the PDF through the icon below to learn more.
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Available for any type of commercial property, C-PACE gives building owners a way to work with contractors to design custom projects that save both money and energy through upgrades ranging from heating, cooling, and insulation to lighting and solar. Unlike self-funding or a more traditional loan product, building owners can leverage C-PACE’s long financing terms and low rates to spread payments out over time and immediately realize positive cash flow. Because energy savings are designed to offset repayment terms, using C-PACE means more money is freed up for whatever opportunities come a building owner’s way.
The details about Spinnaker’s solar project at Glenbrook Road in Stamford are shown in graphic below.
To learn more about C-PACE, click here.
