State’s C-PACE program helps commercial property owners improve cash flows, reduce energy costs and enhance building stock
Darien, CT (December 6, 2017) – Greenworks Lending, a Darien-based specialty finance firm that deploys private capital in support of energy efficient and renewable energy investments made by commercial properties, brought local and state legislators together with Connecticut Green Bank leaders to discuss the firm’s growth and economic development in the clean energy investment industry via an effective public-private partnership and public policy.
Senate Majority Leader Bob Duff, Senator Carlo Leone, Darien First Selectman Jayme Stevenson and Selectman Pamela Sparkman were in attendance.
Using the Commercial Property Assessed Clean Energy (C-PACE) program, Greenworks financed projects to date will reduce carbon dioxide output equivalent to transforming all of Darien north of I-95 (roughly 16 square miles) into a forest for 20 years.
“We are thankful for the Connecticut Green Bank bringing our work to the attention of legislators as an example of what can originate from effective public-private partnerships,” stated Jessica Bailey, CEO and co-founder of Greenworks Lending. “It was inspiring to discuss the role of private capital in economic development and to see the interest of legislators in both the environmental and commercial real estate development aspects of the C-PACE program.”
“Greenworks is showing how to mobilize private investment to meet state policy goals,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “This is driving economic growth and job creation in our communities, all while lowering the energy burden on businesses by creating clean energy property improvements.”
Greenworks Lending is a woman-owned enterprise founded by two former directors from the state’s Connecticut Green Bank. This clean energy and energy efficiency finance company is the fastest-growing firm in Connecticut by percentage growth, and recently closed an industry-first $75 million AA-rated securitization transaction. They are helping to scale the market for private investment in energy-saving commercial property improvements with the state’s C-PACE program. This helps commercial property owners and tenants save money and improve cash flow, while supporting jobs in the growing clean energy and energy efficiency industries.