As C-PACE projects reach financial close, they will be listed below in accordance with the public notice requirement in Section 4306 of the Pennsylvania C-PACE Statute.
100 S. Independence Mall West
Financing Amount: $25,571,281
The Philadelphia Energy Authority, Counterpointe Sustainable Real Estate LLC and KPG-IMW Owner, LLC executed the financial close to use C-PACE financing for an energy efficiency project for 100 S. Independence Mall West. “100 IMW” was originally designed by Pietro Belluschi and completed in 1965. The nine-story property was formerly known as the Rohm and Haas Building and is listed on the National Register of Historic Places. Energy efficiency measures financed include high efficiency HVAC, interior LED lighting and controls, building envelope (roof and wall) systems and water fixture upgrades.
This iconic building, overlooking Independence Mall, is the new headquarters of Macquarie Investment Management. Keystone Property Group is the property manager.
Financing Amount: $15,000,000
The Philadelphia Energy Authority, CCG PACE Funding and Industrial Metals Manufacturing (Rhoads) executed the financial close to use C-PACE financing for an energy efficiency project for Rhoads Industries’ Building 57. The building was originally built by the U.S. Navy in 1919 and was in significant disrepair when purchased by Rhoads in 2014. The project is a substantial renovation of ~2/3 of the building’s footprint. Energy efficiency measures financed include high efficiency HVAC, interior LED lighting and controllers, building envelope (roof and wall) systems. Energy savings calculations are based on improvements above IECC-2018, Philadelphia’s energy code baseline. The building is located at 1900 Kitty Hawk Ave at the Philadelphia Navy Yard.
Financing Amount: $4,333,846
The Philadelphia Energy Authority, Counterpointe SRE and Kirkbride Realty Corporation executed the financial close to use C-PACE financing for an energy efficiency project for the Kirkbride Center. The project is a renovation of the boiler plant and retroactive renovation of the chiller plant for the Kirkbride campus.
The Kirkbride Center is a six-building campus with ample open green space. The 390,000 square feet of living, healthcare and office space will benefit from an improved healing environment with a renovation of its heating and cooling plant.
The project is located at 111 N.49th Street in West Philadelphia.
Financing Amount: $1,087,155
The Philadelphia Energy Authority, Greenworks Lending LLC and
Golaski Labs, LP executed the financial close of Golaski Labs to
use C-PACE financing for an energy efficiency and water
conservation project. The project is a substantial renovation of
an existing two-story building, connected to a new multifamily
residential tower. C-PACE financing is for the 25,000 SF of
commercial space to house a restaurant, offices, makerspace and
a multi-cultural co-working community. C-PACE is only
being used to fund improvements in the commercial portion of
The building is located at 4735 Wayne Avenue in the
Germantown neighborhood of Philadelphia.
Financing Amount: $6,000,000
The Philadelphia Energy Authority, Enhanced Pace Finance LLC and Holy Ghost I, LP executed the financial close of The Met
Philadelphia to use C-PACE financing for an energy efficiency
project. The project is a substantial renovation of an existing
performing arts theater originally built in 1908. The 133,000 SF
building was redeveloped into a live-entertainment theater with
a total capacity of more than 4,000 people.
Olde City Day School
Financing Amount: $559,469
Greenworks Lending and the Capers Company LLC executed the financial close of the first project in Pennsylvania to use C-PACE financing for a renewable energy project. Capers Company LLC is borrowing $559,469 in C-PACE financing from Greenworks Lending to pay for a 212 kilowatt solar system built by K.E.S. LLC on the roof of the Flying Horse Center building.
Financing Amount: $1,500,000
SHIFT Capital borrowed $1,500,000 in C-PACE financing from Twain Financial to pay for energy and water efficiency upgrades to a new mixed-use development in the Kensington-Harrowgate neighborhood of Philadelphia. The C-PACE measures include LED lighting, window replacements with insulation and low-e glazing, energy recovery units, variable refrigerant flow heat pumps, and low-flow plumbing.
The projects below have closed in other markets and are examples of how C-PACE could be used in Philadelphia.
University Club (Milwaukee)
Financing Amount: $662,000
Property Assessed Clean Energy funded $662,000 worth of energy efficiency improvements, including balancing the building’s airflow with new makeup air units, updating the HVAC system, replacing all lights, repairing steam traps and windows. This project resulted in an estimated $1.34 million worth of savings over the course of 18 years.
Audi Field (Washington, D.C.)
Financing Amount: $25,000,000
The D.C. United soccer stadium used $25 million of C-PACE financing to fund solar, LED lighting, high-efficiency HVAC, stormwater conservation and more. The PACE-funded measures will reduce energy use by 25%, cut CO2 emissions by 820 metric tons per year and retain 55,000 cubic feed of stormwater on site.
The Radisson Hotel (Detroit)
Financing Amount: $2,121,278.80
Hotel use C-PACE for “clean energy makeover” LED lights, reflective roof, low-flow faucets and toilets, HVAC systems and controls, pool dehumidification and more.
860 Potomac (Aurora)
Financing Amount: $900,000
The building owner used C-PACE to finance energy efficiency solutions, capital expenditures, and tenant improvements such as advanced building controls and high-efficiency HVAC systems. At no upfront cost, these investments improved the asset quality, significantly reduced operating expenses, and improved the comfort of the building for future tenants.
Luella Hannan Memorial Foundation (Detroit)
Financing Amount: $908,696
Non-profit organization uses C-PACE to pay for LED lighting, building controls, heating and cooling work, and a power systems upgrade.
Prologis Energy Retrofit (San Francisco)
Financing Amount: $1,400,000
Prologis chose PACE to fund energy efficiency and renewable energy upgrades including a 200 kW rooftop solar array.