How RI C-PACE works for you
Rhode Island C-PACE for Capital Providers
Welcome to the Rhode Island C-PACE program. We’re delighted that you’re looking to expand your funding opportunities through C-PACE, which offers attractive, secure, finance-ready projects. Because we seek to stimulate the market through an open model, Rhode Island C-PACE is open to all capital providers that meet our eligibility criteria. We do not work exclusively with any one capital provider.
Eligibility
C-PACE does not work exclusively with any single capital provider, but instead, seeks to stimulate the market through an open model under which any qualifying capital provider may participate and fund eligible projects.
In order to participate in a project funded through C-PACE, capital providers must meet eligibility criteria set forth by the program. Criteria will be defined in an Investor Approval Application, to be published by Q1 2016. C-PACE encourages capital providers to take steps toward program eligibility prior to submitting a specific project application. Capital providers must also disclose to the program any material changes to their initial application.
The C-PACE program reserves the right to remove capital providers from the eligible list if they are found to be in violation of any of the standards set forth in the program code of ethics and standards, or for any other reason that the RIIB Board finds to be in violation of good practices of the C-PACE program.
Participation
C-PACE has been designed with an “open source funding model” that allows for any qualified capital provider to participate in funding eligible C-PACE projects.
Eligible capital providers may choose to have their contact information listed on the C-PACE website, which could be a way to source additional projects. Projects that apply to the C-PACE program without a pre-selected capital provider will be presented to the pool of eligible capital providers for their consideration.
It is expected that once approved, eligible capital providers will participate in the program in one of two ways:
- Work with building owners to underwrite projects and support the project applicant in preparing its application to the C-PACE program for financing approval.
- In some instances, projects may apply for C-PACE approval without a pre-selected capital provider associated with the project. In this case, the program administrator may review pre-approved projects with eligible capital providers to determine funding interest.
Contact us to learn how we are supporting capital providers expand their funding opportunities in the C-PACE program.