News Summary
PACE Equity has recently secured a groundbreaking $2 billion investment to enhance funding for clean energy projects across the United States. This significant development aims to boost local economic growth while solidifying PACE Equity’s position as a leader in commercial property assessed clean energy financing. The company, founded in 2013, has also introduced the CIRRUS Low Carbon program to incentivize low-carbon initiatives and improve energy efficiency in various developments. With this funding, PACE Equity is set to make a lasting impact in sustainable financing.
Milwaukee recently witnessed a significant development in the clean energy financing sector with PACE Equity securing a groundbreaking $2 billion investment. This financial boost aims to enhance the company’s capacity to fund clean energy projects while contributing to local economic development across the United States.
Founded in 2013, PACE Equity focuses on commercial real estate projects that prioritize low-carbon initiatives. The company has made a name for itself in the commercial property assessed clean energy (C-PACE) financing sector, employing 41 people and positioning itself as a leader in facilitating funding for sustainable building developments.
The recent $2 billion investment is a result of PACE Equity’s acquisition of a leading asset management firm, marking a pivotal moment for the company. This acquisition aims to accelerate growth and enhance the speed of securitization for PACE Equity’s financial products, enabling more efficient funding for clean energy initiatives.
CIRRUS Low Carbon Program
As part of its commitment to sustainable financing, PACE Equity has introduced the CIRRUS Low Carbon program. This program offers exclusive financial incentives for low-carbon projects and has successfully deployed $120 million across various regions and initiatives to date. The goal of the CIRRUS program is to drive investment into low-carbon infrastructure, making it easier for developers to access the necessary funds for clean energy projects.
Support for Local Economic Development
PACE Equity’s investments are vital for local economies, as they help facilitate the development of key community projects. Notably, the company funded a $6.8 million investment for a new Cambria hotel in Detroit, which became the first project of its kind in Michigan. Additionally, earlier financing included a $2.2 million refinancing loan for the Red Skye Lofts project in Redwood Falls, Minnesota, which transformed an unused hospital into a 46-unit apartment complex with the aid of a 15-year tax abatement, yielding significant tax savings during the renovation process.
Focus on Energy Efficiency
PAC’s funding often supports projects aimed at enhancing energy efficiency, with investments directed towards upgrades in lighting, HVAC systems, and other utilities. This approach contributes to energy and operational savings for businesses and communities alike, promoting a more sustainable future.
Nationwide Reach and Impact
PAC operates nationwide, establishing a presence in 20 markets across the United States. As a one-stop shop for project funding, PACE Equity coordinates partnerships and approvals necessary for financing clean energy projects, further solidifying its position as a leader in the PACE financing landscape for commercial real estate development.
Commitment to Local Talent
Beau Engman, the founder and president of PACE Equity, emphasizes the importance of local talent development. He points out that while much financial capital and skilled management are concentrated on the coasts, fostering talent in Milwaukee and southeastern Wisconsin is crucial for business success. PACE Equity recognizes that investing in local talent is key to sustaining growth and enhancing the overall success of their projects.
With this substantial new funding, PACE Equity is poised to make a lasting impact in the clean energy financing arena, not only contributing to the sustainability of development projects but also bolstering the economic landscape in local communities across the nation.
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Additional Resources
- BizTimes: PACE Equity
- Redwood Falls Gazette: Hospital to Apartments Financing
- Star Tribune: Former Hospital Financing
- PR Newswire: PACE Equity Funds Cambria Hotel
- BizTimes: New York Firm Acquires PACE Equity
- Wikipedia: Clean Energy
- Google Search: PACE financing
- Google Scholar: Energy Efficiency Financing
- Encyclopedia Britannica: Energy Efficiency
- Google News: PACE Equity
Author: STAFF HERE MILWAUKEE WRITER
MILWAUKEE STAFF WRITER The MILWAUKEE STAFF WRITER represents the experienced team at HEREMilwaukee.com, your go-to source for actionable local news and information in Milwaukee, Milwaukee County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Summerfest, Milwaukee Film Festival, and the Milwaukee Boat Show. Our coverage extends to key organizations like the Metropolitan Milwaukee Association of Commerce and Visit Milwaukee, plus leading businesses in manufacturing and brewing that power the local economy such as Harley-Davidson and MillerCoors. As part of the broader HERE network, we provide comprehensive, credible insights into Wisconsin's dynamic landscape.
