Celebrating 5 Years of Petros PACE Finance with 5 Ways We’ve Changed the Market

C-PACE Hilton Curio Petros PACE Finance Commercial Property Assessed Clean Energy
C-PACE Hilton Curio Petros PACE Finance Commercial Property Assessed Clean Energy

Rendering of the boutique hotel in Omaha, Nebraska financed by Petros PACE. It’s the first C-PACE transaction in the state.

This week marks the 5-year anniversary of Petros PACE Finance. Since our company’s inception, we’ve quickly become a leading financier of Commercial Property Assessed Clean Energy. We’re proud of not only the projects we’ve closed to date, but also of the impact we have made in the advancement of the industry. Needless to say, we are excited for what the future holds for the C-PACE market.

Originally founded in 2013, Petros PACE Finance has dedicated all its resources to providing long-term PACE financing to commercial property owners across the country. In the last two years we’ve closed over 40 deals, saving commercial property owners close to $100 million in energy costs. More importantly, the last two years have also allowed us to achieve several industry firsts.

  1. We have played a major role in helping to develop process and standardize documentation for many PACE programs across the country. This ensures PACE programs are institutionalized, allowing other market stakeholders to participate and grow those markets. Because of that work, we were the first to close commercial PACE transactions in four states.
  2. We have also expanded our footprint rapidly across the country. To date, we have closed transactions in 10 states of the 19 active C-PACE markets… leading the industry in that achievement.
  3. Last year, we facilitated another major milestone for our industry. Petros co-financed the largest deal in C-PACE history… a $40 million transaction where we funded $20 million of the total. This transaction broke down many barriers and set a precedent for how C-PACE financing can be used for much larger and more ambitious projects than what it was traditionally used for in the market. The funds will go towards mandatory seismic upgrades to the company’s 11-story, 357-bed Seton Medical Center. The PACE project ensured Seton would continue to serve the San Mateo County for decades to come mitigating the risk of an earthquake destroying the property.
  4. We were also the first in the industry to get a rating from an independent credit rating agency on a single-asset-backed C-PACE transaction. DBRS gave us this private rating which helped set industry precedence and opened the market for others to get C-PACE transactions and pools rated.
  5. Finally, we were the catalyst behind the creation of the C-PACE Alliance… an industry coalition focused specifically on the C-PACE market and funded exclusively by C-PACE industry stakeholders. The C-PACE Alliance published a white paper detailing best practices on what is required to make a C-PACE program successful. These best practices are used extensively by new programs coming online to structure their guidelines. In a very short period of time, we have made a significant impact on the industry… with the best yet to come!

Our impact on the market has been significant and the future of C-PACE looks bright. We stand committed to helping commercial property owners get the financing they need to undertake energy upgrades and help make the world a more sustainable place. To the next five years…

Mansoor Ghori
CEO, Petros PACE Finance

 

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