How Energy Markets Stack Up in a Global Pandemic and What's Ahead
Almost every market in the world is seeing unprecedented shifts in the era of COVID-19. Energy markets are no exception, undergoing unparalleled price changes and demand shifts. While these drastic changes may be short term, they can still point to existing shortcomings and strengths in the energy sector.
Washington Adopts PACE Legislation for Financing for Energy and Resiliency Retrofits
Governor Jay Inslee signed HB 2405, legislation that for the first time authorizes Property Assessed Clean Energy (PACE) loans in the State of Washington. Washington's version of the program also permits financing for resiliency retrofits, such as retrofits for seismic safety, and is therefore referred to as "PACER," for "Property Assessed Clean Energy and Resiliency."
Port Authority in Ohio Issues Residential Energy Efficiency Bonds
The Toledo-Lucas County Port Authority's board of directors approved a $500 million bond issue to underpin a program to be offered through port authorities and local governments in a broad area of Ohio — including Akron, Columbus, and Cincinnati as well as metro Toledo — under which residential property owners could receive loans to modernize dwellings and repay the debt through special assessments on their tax bills.
New York's Clean Energy Sector Looks for a Jump-Start
Work on almost all of the state's clean energy projects has ground to a halt and the industry, still struggling for ascendancy, is grappling with furloughs and layoffs as the coronavirus tears through New York's economy. The New York State Energy Research and Development Authority — the state's energy policy arm — is still crafting specific plans, but it's begun talks on how to jump-start the state's clean energy industry.
Greenworks Lending Raises $150M of Committed Capital
Greenworks Lending, the nation's largest provider of Commercial Property Assessed Clean Energy (C-PACE) financing, has announced today that it has raised $150M in committed capital from Nuveen, the investment manager of TIAA. The deal, which was structured by Guggenheim Securities, LLC, will further increase Greenworks Lending's available funding for C-PACE assets across the country.
$14.5M in C-PACE Financing Being Used for Multifamily Development in Los Angeles, CA
Counterpointe Sustainable Real Estate (CounterpointeSRE) announced the closing of four Commercial Property Assessed Clean Energy transactions for a total of $15 million in financing through the California Statewide Communities Development Authority's Open PACE program. The largest of the financings at $14.5 million will support energy efficiency, seismic strengthening, and water conservation measures at a new multifamily property, which is being developed by LiveWorkCreate.
USDA Invests $900M in Rural Electric Infrastructure in 16 States
USDA is providing financing through the Electric Loan Program. It will help build and improve 2,743 miles of line to strengthen reliability in rural areas and will benefit 1.1 million rural residents and businesses. The loans include $17 million for investments in smart grid technology that uses digital communications to detect and react to local changes in electricity usage.
CDFA Publishes COVID-19 Resource Center, Will Host Weekly Briefings
CDFA developed the COVID-19 Resource Center to serve as a central hub of everything the development finance world is doing to mitigate the impacts of COVID-19. CDFA's Weekly Development Finance COVID-19 Briefings will highlight these mitigation and recovery efforts.
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