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CDFA Energy & Water Finance Update - November 19, 2019

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CDFA Energy and Water Finance Newsletter
November 19, 2019
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Energy & Water Finance Update


Oak Ridge, TN Closes Loans for Water Treatment Facility
The City of Oak Ridge closed on a $20.7 million federal loan for a new water treatment plant in south Oak Ridge. WIFIA will provide about 49 percent of that cost, with the city using the Tennessee State Revolving Fund Loan Program to cover the balance.

Petros PACE Finance Provides $8M C-PACE for Hotel in Kansas City, MO
Petros PACE Finance LLC has provided an $8 million Commercial Property Assessed Clean Energy (C-PACE) loan on behalf of Pedersen Development Co. to finance energy-efficiency measures in the construction of a 13-story Hyatt House hotel in downtown Kansas City.

First Brownfield Solar Project in MI Shows Promise
The solar project at the site in Cadillac triggered $1 million in state grants and loans through Michigan's brownfield redevelopment program. The city will pay off the loan portion through increased property tax revenue from future development on the site. Consumers Energy plans to spend $700,000 to build the solar project, which was matched by a $700,000 state cleanup grant.

Positive Operating Performance Boosts Plant's Bond Rating
Bonds from the Carlsbad Desalination Plant and pipeline were upgraded to BBB and given a stable outlook in a new report from Fitch Ratings, affirming the project's sound management and its ability to provide a stable, reliable source of drinking water to the San Diego region.

DOE Awards $28M for Wind Energy Research, Development, and Demonstration Projects
The U.S. Department of Energy (DOE) announced the selection of 13 projects to receive a total of $28 million to advance wind energy nationwide. While utility-scale, land-based wind energy in the United States has grown to 96 gigawatts, significant opportunities for cost reductions remain, especially in the areas of offshore wind, distributed wind, and tall wind.

EPA Invites 38 New Projects to Apply for Water Infrastructure Loans
The EPA announced that 38 new projects in 18 states are being invited to apply for the Water Infrastructure Finance and Innovation Act (WIFIA) loans. Together, the selected borrowers will apply for WIFIA loans totaling approximately $6 billion to help finance over $12 billion in water infrastructure investments and create almost 200,000 jobs.

Wind, Solar Finance Alternatives Rise as Sector Anticipates Looming Tax Credit Expiration
Expiring tax credits for wind and solar projects offer near-term promise and long-term uncertainty, with the U.S. wind industry on track to become the nation's fastest-growing source of electricity generation by the end of 2020 and the solar industry potentially soon following. Both face bursting bubbles due to the loss of tax incentives, but ideas are emerging on how to finance the projects, which could propel them into the next decade.

CleanFund Provides $36M to Hospital in San Francisco, CA with C-PACE
CleanFund Commercial PACE Capital, Inc. announced funding $36 million in Commercial Property Assessed Clean Energy ("C-PACE") for seismic and other improvements to Chinese Hospital, the key acute care facility serving San Francisco's Chinatown district.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA-Ice Miller Broadband Financing Bootcamp
December 4, 2019 - 1:00 PM - 4:00 PM Eastern
The CDFA-Ice Miller Broadband Financing Bootcamp will provide a high-level discussion on issues impacting broadband development, deployment, and financing. Topics include an overview of the current broadband landscape and the challenges faced by urban and rural markets, approaches to expanding broadband access including using public/private partnerships, and discussing the innovative financing for broadband at the federal, state, and local levels. This comprehensive bootcamp will also provide attendees with critical information for accessing the plethora of financing available to support broadband expansion into underserved markets throughout the country.

CDFA // BNY Mellon Development Finance Webcast Series: Sourcing Local Capital for Community Projects
Tuesday. December 17, 2019 - 1:00 PM Eastern
From crowdfunding to co-ops, during this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will learn about the tools that are being used to bridge the financing gap and make local economies work.

Energy Finance News

Dartmouth, MA to Improve Drinking Water Across Town
South Coast Today | Nov. 14 | Water Finance

Department of Energy Announces 2019 Clean Energy Education & Empowerment Awardees
Energy.gov | Nov. 14 | Energy Finance | Federal | U.S. Dept. of Energy (DOE)

EPA Selects East County, CA for WIFIA Funds for Advanced Water Purification
Water World | Nov. 13 | Federal | U.S. Environmental Protection Agency (EPA) | Water Finance

Legacy Fund Proposes to Create Local RLFs for Infrastructure in ND
Minot Daily News | Nov. 11 | Revolving Loan Funds (RLFs) | Water Finance

Miami-Dade, FL Aims to Expand PACE Program to Help Protect Against Sea Level Rise
Miami Beach Times | Nov. 7 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

EPA Announces $2.5M in Funding to Restore and Protect Water Quality on Tribal Lands
EPA | Nov. 7 | Tribal Finance | Water Finance

Frederick Indoor Sports Center: Leading the Way in Local Clean Energy Solutions
Maryland Commercial PACE | Nov. 5 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

IECA Closes First Commercial PACE Financing Deal in IL
RE Journals | Nov. 5 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Sustainable: Opportunity Zones Could Boost Clean Energy
Finance & Commerce | Nov. 5 | Energy Finance | Green Finance | Opportunity Zones

The $50M Cambria Hotel in Detroit, MI Breaks Ground using PACE, TIF, Opportunity Fund
Curbed Detroit | Nov. 4 | Brownfield Financing | Energy Finance | Opportunity Zones | Property Assessed Clean Energy (PACE) | Tax Increment Finance (TIF)

Mall of America Water Park Targets Approval Date
Finance & Commerce | Oct. 30 | Bond Finance | Public-Private Partnership (P3) Financing | Water Finance

School Board Approves Financing for $11.9M Bond for Energy Services Contract
Dothan Eagle | Oct. 28 | Bond Finance | Energy Finance | Green Finance

Grand Island, NE City Council Green Lights PACE
NTV | Oct. 25 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Ygrene Energy Fund Completes Nearly 1,000 Orlando, FL Upgrades
Flapol | Oct. 25 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

Bringing Cleaner Water, Green Jobs to Washington, DC Suburbs
Next City | Oct. 25 | Energy Finance | Green Finance | Public-Private Partnership (P3) Financing | Water Finance

231 Mayors Call on Congress to Extend the Solar Investment Tax Credit
Solar Novus Today | Oct. 22 | Energy Finance | Green Finance | Legislative | Tax Credits

Bills Introduced to Extend Section 25C, Section 45L Credits
Novogradac | Oct. 19 | Energy Finance | Housing Finance | Legislative | Tax Credits

Solar Projects Will Boost Clean Energy Effort
Mail Tribune | Oct. 17 | Bond Finance | Energy Finance | Green Finance

MD Camp Goes Green, Gets Quick ROI with Microgrid
Microgrid Knowledge | Oct. 16 | Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)

USDA Invests $201M in Rural Water and Wastewater Infrastructure
USDA | Oct. 16 | Access to Capital | Rural Development | U.S. Dept. of Agriculture (USDA) | Water Finance

Highlights from the Online Resource Database

Incorporationg PACE Into Complex Projects - Rachel Davis, Caleb Bell, Jerry Brunswick, Frances Kern Mennone, Scott Ringlein
Energy Finance | Historic Preservation | Tax Credits
Rachel Davis, Caleb Bell, Jerry Brunswick, Frances Kern Mennone, and Scott Ringlein present Incorporationg PACE Into Complex Projects.

Mortgage Lender's Guide to C-PACE: Lender Consent
Energy Finance | Green Finance | Property Assessed Clean Energy (PACE)
To document the C-PACE financing, most programs require mortgage holders to consent to the assessment because, like other property tax assessments, the claim for delinquent C-PACE payments is typically on par with normal property taxes.

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


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CDFA National Sponsors

  • Baker Tilly
  • BNY Mellon
  • Bricker & Eckler LLP
  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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