SAUSALITO, CA--(Marketwired - May 19, 2014) - Clean Fund LLC originates, finances, structures and securitizes bonds for commercial real estate owners to complete energy improvements. Clean Fund today announced that they purchased $8 million of clean energy property financings owned by The Clean Energy Finance & Investment Authority (CEFIA) -- Connecticut's Green Bank. This is an initial sale in a series to be purchased by Clean Fund of CEFIA's total portfolio of $30 million.
Clean Fund is a nationally recognized leader in the funding innovation called Property Assessed Clean Energy (PACE) bonds. "Working with Clean Fund's experienced team was indispensable to the success of this original conduit structure," noted Bert Hunter, CEFIA's Chief Investment Officer. "Connecticut's Green Bank is demonstrating that PACE transactions backed by commercial properties are very attractive to the capital markets and this investment by Clean Fund allows us to immediately reinvest these proceeds in even more energy efficiency and renewable energy projects."
Clean Fund offers building owners up to 100% financing for as much as 20 years for energy efficiency and renewable energy improvements. There are no new covenants or guarantees since it will be repaid through an additional charge on their property tax bill. The savings associated with these projects must exceed the amount of the tax assessment.
John Kinney, CEO, said, "Clean Fund understands the environmental urgency to improve the building infrastructure with clean energy improvements. Thus, Clean Fund offers innovative solutions providing building owners with the financial incentives to upgrade their properties with clean and renewable energy projects."
"We are pleased to have purchased these low-risk tax assessment securities from Connecticut's Green Bank which will allow them to recycle their capital to continue to support clean energy projects in the State of Connecticut. Clean Fund is committed to developing partnerships of public policy with private capital on a national basis," said John Kinney, CEO.
About Clean Fund:
Clean Fund is a national leader for the finance innovation called Property Assessed Clean Energy ("PACE") for commercial (non-residential) properties. Clean Fund uses PACE to accelerate investments in energy efficiency, water efficiency, and renewable energy. Real estate owners receive non-recourse long-term financing, up to 20 years, without covenants at a fixed rate to produce compelling economics and make many more projects both attractive and financeable. For more information on Clean Fund and our team, please visit our website www.cleanfund.com.