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CDFA Energy Finance Update - March 2, 2021

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CDFA Energy Finance Newsletter
March 2, 2021
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Energy Finance Update

Features

USDA Rural Development Announces $17.6M for Solar Projects in Rural Maine
USDA Rural Development is investing $17,615,000 through loan guarantees for solar renewable energy projects in Maine through its Rural Energy for America Program. This investment means that clean solar energy will be produced locally, potentially resulting in significant savings for residential, commercial, and industrial rate payers in Maine's rural communities.

C-PACE Builds Resilience in Tough Times
As traditional sources of commercial real estate financing were taking a cautious approach to lending during the pandemic, property owners turned to Commercial Property Assessed Clean Energy financing to fund energy efficiency, water conservation, renewable energy projects, and new developments.

EPA Announces $220M for Uranium Mine Site Clean-Up on the Navajo Nation
The U.S. EPA announced three contract awards for the clean-up of more than 50 abandoned uranium mine sites on the Navajo Nation on Thursday, worth up to $220 million over the next five years. Work is scheduled to begin later this year following the completion of assessments in coordination with the Navajo Nation Environmental Protection Agency.

St. Louis, MO Park Launches Solar Sundown Program
St. Louis Park has launched a pilot cost-share program called Solar Sundown with the goal of doubling the amount of rooftop solar in the city by the end of 2021. Under Solar Sundown, the city will fund the 4% difference between the 2021 Investment Tax Credit and the 2019 credit, allowing property owners to receive a 30% credit on their solar investment.

Pennsylvania Solar Advocates Make Appeal to Businesses
The Pennsylvania Solar Center is paying special attention to small- and medium-sized businesses this winter. Many haven't explored going solar and may be reluctant to think about discretionary spending when so many companies are just trying to stay afloat these days. But several incentives and programs can be layered on top of one another to make the goal more achievable now than when the world wasn't yet upside-down.

Townhome Project to Provide Affordability and Historic Preservation in St. Petersburg, FL
The St. Petersburg City Council approved a lease and development agreement to develop an affordable and energy-efficient townhome project. The proposed project site is currently owned by the city, which will transfer the land lease with a small fee sale to the developer and use $386,000 in tax increment financing (TIF) funds from the Affordable Housing Redevelopment Loan Program to subsidize construction costs.

Cook County, IL Launches Energy-Efficient Improvement Program for Commercial Property Owners
The Illinois Energy Conservation Authority NFP (IECA) has been selected by Cook County as the program administrator for the Cook County Commercial Property Assessed Clean Energy (C-PACE) financing program for commercial real estate owners. As the second largest county in the United States, Cook County's passing of C-PACE legislation has the potential to provide commercial real estate owners with the opportunity to implement long-term funding for energy-efficient, renewable energy and water conservation projects within commercial buildings.

Carbon Emissions and the Recent Climate Mobilization Act of New York City, NY
Developers, building owners, tenants, and lenders operating or underwriting loans in New York City will need to consider the impact of the city's newly enacted Climate Mobilization Act. This act constitutes a profound shift in the regulation of commercial real estate in New York City, and C-PACE (Commercial Property Assessed Clean Energy) financing will likely become an increasing feature of the landscape of New York City real estate transactions.

Upcoming Events
CDFA-Bricker PACE Webinar Series: How PACE Gets Utilized Across All Market Segments

CDFA // BNY Mellon Development Finance Webcast Series: Social Justice and the Muni Markets
Tuesday, March 16, 2021 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we'll discuss strategies for aligning social justice priorities with bond financing and actions in the muni markets.

CDFA Rural Development Finance Webinar Series: Financing Disaster Resiliency in Rural Communities
Tuesday, March 23, 2021 - 2:00 PM - 3:00 PM Eastern
During the first installment of the CDFA Rural Development Finance Webinar Series, hear about a new technical assistance program from CDFA designed to support rural communities that have recently experienced a natural disaster. Experts will discuss the variety of financing tools available from federal, state, and local sources to encourage investment in resilient infrastructure.

Energy Finance News

A Legacy of the New Deal, Electric Cooperatives Struggle to Democratize and Make a Green Transition
Insider Climate News | Mar. 1 | Energy Finance | Green Finance | Resiliency

Financial Regulators Home in on Climate Risks
The Hill | Feb. 28 | Energy Finance | Federal | Green Finance | Resiliency

Can Mortgage Lenders Coexist With Green Energy PACE Liens?
Forbes | Feb. 26 | Energy Finance | Property Assessed Clean Energy (PACE)

Wells Fargo Surpasses $10B in Tax-Equity Financing of Renewable Energy Projects
EIN Presswire | Feb. 25 | Energy Finance

Connecticut Green Bank Honors Local Properties for Cleantech Projects
Westchester & Fairfield County Business Journals | Feb. 25 | Energy Finance | Green Finance | Member News | Property Assessed Clean Energy (PACE)

Resort in Gaylord, MI Works Toward Energy Saving Improvements
9&10 News | Feb. 23 | Energy Finance | Property Assessed Clean Energy (PACE)

Ohio Agriculture Legislation Moving Forward
Ohio's Country Journal | Feb. 22 | Agriculture Finance | Energy Finance | Rural Development | State Finance Program | Tax Credits

Dayton-Montgomery County Port Authority in Ohio Announces Completed Projects
Sidney Daily News | Feb. 20 | Bond Finance | Energy Finance | Property Assessed Clean Energy (PACE)

Going Solar at Home and Investment Tax Credits
Entrepreneur | Feb. 19 | Energy Finance | Tax Credits | Renewable Energy Investment Tax Credit (ITC) | Renewable Energy Investment Tax Credit (ITC)

MD Energy Provides $3M C-PACE Loan for Former Printing Facility Conversion in Baltimore County
REBusiness | Feb. 17 | Energy Finance | Property Assessed Clean Energy (PACE)

C-PACE Financing on Medical Campus is Largest in Kane County, IL
ConnectCRE | Feb. 17 | Energy Finance | Healthcare | Property Assessed Clean Energy (PACE)

Nuveen to Acquire Clean Energy Financing Leader Greenworks Lending
Nuveen | Feb. 16 | Energy Finance | Property Assessed Clean Energy (PACE)

Winnebago County, IL Hopes to Spur Development, Make Money with PACE Program
Rockford Register Star | Feb. 12 | Energy Finance | Property Assessed Clean Energy (PACE)

Hospital Redevelopment Project Gets $3M for Clean Energy - Largest C-PACE Deal in Kane County, IL
Kane County Connects | Feb. 10 | Energy Finance | Property Assessed Clean Energy (PACE)

Kent, Sussex Counties Join Delaware Property Assessed Clean Energy Program
Delaware Business Now | Feb. 8 | Energy Finance | Property Assessed Clean Energy (PACE) | State Finance Program

CDFA Releases Policy Priorities for the Biden-Harris Administration
CDFA | Feb. 5 | Access to Capital | Agriculture Finance | Bond Finance | Brownfield Financing | CDFA Press Releases | Disaster Recovery & Relief | Economic Development | Energy Finance | Federal | Green Finance | Housing Finance | Infrastructure Finance | Innovation Finance | Legislative | Opportunity Zones | Public-Private Partnership (P3) Financing | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Tax Increment Finance (TIF) | COVID-19 | Legislative Front


Highlights from the Online Resource Database

POWER Initiative Evaluation: Factors and Results of Project Implementation
Community Development | Economic Development | Energy Finance | Rural Development
This report by Chamberlin/Dunn offers an evaluation of two consecutive years (FY19-FY20) of the Appalachian Regional Commission's POWER Initiative. The report aims to understand successes, challenges, and lessons learned through implementation, and it also examines early results of POWER projects.

Success Factors, Challenges, and Early Impacts of the POWER Initiative: An Implementation Evaluation
Community Development | Economic Development | Energy Finance | Rural Development
This evaluation was designed to help ARC and its stakeholders learn from the POWER Program's implementation successes and challenges; identify technical assistance needs; and report on the qualitative impact of investments made, to date, with POWER funds.


The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information visit CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

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  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • Ice Miller LLP
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  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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