Providence, RI February 2, 2017 — Rhode Island Infrastructure Bank (RIIB) announced today that it has launched a program to help building owners and developers finance the integration of energy efficiency measures into new construction projects. The initiative, which is part of RIIB’s Rhode Island Commercial Property Assessed Clean Energy (RI C-PACE) program, will help accelerate the development of greener, more energy-efficient buildings in Rhode Island.
C-PACE for new construction presents a unique opportunity for property owners and developers by unlocking capital to achieve greater building performance at a lower cost than they could with traditional financing.
Jeffrey Diehl, Executive Director and CEO of Rhode Island Infrastructure Bank, said C-PACE is an economic development tool to improve Rhode Island’s building stock, reduce energy costs and improve the environment. “Adding a program for new construction to our existing platform is a natural progression of C-PACE in Rhode Island. C-PACE for new construction will unlock capital and increase the number of high-performance buildings in the state.”
“It is far more cost-effective to build energy efficiencies into new buildings than to retrofit existing structures, and developing buildings with an eye toward long-term sustainability is a smart move,” said Brian McCarter, CEO of Sustainable Real Estate Solutions (SRS), which serves as program administrator to RI C-PACE. “Real estate developers in Rhode Island who design buildings to exceed energy code by at least 15 percent will have access to C-PACE financing for up to 20 percent of total eligible construction costs. The financing, which can displace other types of high cost construction capital, provides a strong incentive for owners and developers to construct high-efficiency buildings, which is great news for the state.”
McCarter, an industry leader on PACE programs, will moderate a panel discussion regarding CPACE for new construction at the PACENation Summit in Denver, Colorado, on February 14. His session will profile the first new-construction transaction in Colorado’s C-PACE program, identify key opportunities in the sector, and provide a platform to promote C-PACE in Rhode Island to capital providers and developers.
The full press release can be found here.