HB+D Represents Clean Fund in PACE Bond Financing – An Innovative Financing for Energy Efficiency Improvements for Commercial Buildings

February 8, 2013 at 12:50 am | Blog | No comment


Congratulations to Clean Fund in its innovation and utilization of PACE Bonds Clean Fund for the financing for energy improvements to Prologis’ headquarters building in San Francisco, California.

in late 2012, Clean Fund joined Johnson Controls and Prologis in San Francisco City Hall to announce a groundbreaking transaction.

The key details of the PACE financing:

Property Owner – Prologis, Inc., world’s leading owner and operator of industrial real estate

Project vendor – Johnson Controls, Inc., one of the world’s leading providers of building energy efficiency products and services

PACE program – City of San Francisco’s GreenFinanceSF commercial PACE program

The building – Pier 1, San Francisco, a landmark building that serves as the Prologis corporate headquarters

The project – Energy efficiency improvements in the form of building systems’ retrocommissioning and LED lighting upgrades, plus a 200kW solar electric system

The financing: Clean Fund structured and financed a $1.4 million 20-year bond The Pier 1 financing was the first for the San Francisco GreenFinanceSF commercial PACE program and is the first PACE transaction
to be secured by a leasehold interest. This is Clean Fund’s third PACE financing and it is the first through the San Francisco PACE program and the first for Johnson Controls. Because the San Francisco program is the model for PACE programs covering most of California, as well as programs being developed nationwide, this financing is a major milestone. This financing demonstrates the attractiveness of the Clean Fund structure for owners like Prologis that are committed to sustainability and enjoy an abundance of financing options.

Contact Jason A. Hobson for more information about this innovative financing technique.


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