PROVIDENCE, RI – Jeffrey R. Diehl, Executive Director and Chief Executive Officer of Rhode Island Infrastructure Bank (Infrastructure Bank), today announced that its third Commercial Property Assessed Clean Energy (C-PACE) project has been financed. The project calls for the installation of ground-mounted solar panels at Laurel Lane Country Club (Club) in South Kingstown, saving the Club an estimated quarter million dollars (net of debt service) in reduced energy costs over the 25-year financing term. The total investment in the project is greater than $500,000.
The solar panels will provide clean energy to power the Club’s hospitality and golf operations and can support upgrading its fleet of gas-powered golf carts to electric carts. The Club will save 5 million kilowatt-hours over the 25-year term – the amount of energy used annually to power almost 400 Rhode Island homes.
“The projects that are being financed through C-PACE are bringing us closer to achieving our ambitious clean energy goal of 1,000 MW by 2020,” said Governor Gina Raimondo. “Keeping energy costs low is key to both creating a sustainable environment and making Rhode Island an attractive place to do business. This project is another win for the state and part of the reason why Rhode Island is leading the country in clean energy.”
“The Infrastructure Bank’s C-PACE program is helping us make strides toward reducing our carbon footprint,” said General Treasurer Seth Magaziner. “The flexible financing structures available through C-PACE give businesses the opportunity to undertake projects that make financial sense for their long-term goals. C-PACE is helping to put Rhode Islanders back to work, protecting our environment, and saving our businesses money.”
“The Town of South Kingstown is thrilled to participate in the Infrastructure Bank’s C-PACE program,” said Stephen Alfred, Town Manager of South Kingstown. “This program is creating new opportunities for our businesses to pursue projects that will make our community more energy efficient. Cutting energy consumption is a win-win: it lowers the cost of doing business and reduces our reliance on fossil fuels.”
“Not only is this project an excellent value for Laurel Lane Country Club, but it’s also protecting our environment and putting our tradespeople to work,” said Jeffrey Diehl, CEO of the Infrastructure Bank. “In addition to several C-PACE projects which received funding in the spring, we have a robust pipeline of additional C-PACE projects, and we’re looking forward to helping even more Rhode Island property owners save on their energy bills in the near future.”
“By working with Greenworks Lending through the Infrastructure Bank’s C-PACE program, we were able to address the high-energy demands of our club in an economically viable way, while helping the environment and ensuring that we can continue to provide a great golfing value to our customers,” said Joseph Videtta, owner of Laurel Lane Country Club.
C-PACE provides financing for clean energy projects that generate significant reductions in energy use and, by extension, cost savings, for commercial and industrial property owners in Rhode Island. Projects eligible for C-PACE financing include energy efficient upgrades such as lighting, insulation, heating and cooling systems, and renewable energy projects. All energy efficiency and renewable energy projects financed using C-PACE are eligible for state and utility incentives. The Club’s project also received a Renewable Energy Fund grant from the Rhode Island Commerce Corporation.
“We are pleased to have provided financing for the first three C-PACE projects in Rhode Island,” said Jodi French, business development director for Greenworks Lending. “With a country club and commercial office properties taking advantage of C-PACE, we are excited to see all types of businesses and projects begin to access this capital to improve their bottom lines.”
C-PACE requires that all mortgage holders on the property provide consent for PACE assessment financing; Washington Trust provided mortgage holder consent for this project.
Projects must be in cities and towns that have opted in to the C-PACE program. A full list of participating communities is available at www.RI-CPACE.com. Currently, 14 municipalities are participating and, realizing the tremendous benefit to businesses in their communities, many others are in the process of joining.
About Rhode Island Infrastructure Bank
Rhode Island Infrastructure Bank is Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners. We leverage capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation. These quality of life projects improve the State’s infrastructure, create jobs, promote economic development and enhance the environment. For more information, please visit www.riib.org.