There was lots of news out of the Connecticut Green Bank this week, which said it has tapped additional funding sources for its Commercial Property Assessed Clean Energy Program (C-PACE), specifically for manufacturers and multifamily housing owners.
Manufacturers who complete efficiency projects through the state’s Commercial Property Assessed Clean Energy program will have a stab at additional funds under an newly launched initiative called Energy on the Line.
The quasi-public Connecticut Green Bank, which will run the program, said it will bundle more than $8 million in private funds to match $800,000 from the Department of Economic and Community Development’s manufacturing innovation fund.
Any manufacturer that completes an eligible C-PACE project can apply for the Energy on the Line grants, which will be as high as $50,000 each.
The grants are meant to reduce C-PACE financing manufacturers need to complete a project, lowering their borrowing costs, the state entities said.
“Energy on the Line will help our manufacturers reduce costs, enabling more competitive pricing and future growth in the state,” DECD Commissioner Catherine Smith said in a statement.
Applications are due in September. More information can be found here.
Meanwhile, the Green Bank has partnered with the Housing Development Fund and the MacArthur Foundation, which has kicked in $5 million, to finance C-PACE projects for multifamily housing developments.
The Green Bank said the initiative is meant to lower operating costs for landlords and reduce the energy cost burden for low-income renters.
The Housing Development Fund will originate and service loans in the program, using MacArthur funds. The Green Bank will guarantee the loans and provide technical assistance to property owners.
The effort is broken down into three parts:
- A revolving pre-development energy loan fund to cover the costs of energy assessments, audits and project scopes definition
- A loan pool to finance the remediation of health and safety problems
- Term financing to lower the cost of capital for viable projects