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Financing Energy Efficiency Projects: Credit Enhancements for Commercial Finance September 26, 2011

Financing Energy Efficiency Projects: Credit Enhancements for Commercial Finance September 26, 2011. Presented by : Dan Clarkson Energy Efficiency Finance Corp. dclarkson@eefinance.net 206-310-8733. Seattle Steam Company Energy Efficiency Project Development & Finance Program.

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Financing Energy Efficiency Projects: Credit Enhancements for Commercial Finance September 26, 2011

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  1. Financing Energy Efficiency Projects: Credit Enhancements for Commercial Finance September 26, 2011 Presented by: Dan Clarkson Energy Efficiency Finance Corp. dclarkson@eefinance.net 206-310-8733
  2. Seattle Steam Company Energy Efficiency Project Development & Finance Program EE investments for Seattle Steam Company customers on customer side of the meter MacDonald-Miller Facilities Solutions provides turnkey project development, implementation & savings guarantees Customer signs Energy Services Agreement to make payments based on energy savings as operating expense Customer payments collected on SSC steam bill ARRA funds used for subordinated debt financing, debt service reserve & carbon reduction incentives Scalable & replicable program
  3. Seattle City Light Senior Lender Payment with approval of CPW Turnkey Project Implementation via ESA Utility Incentives State Sub-Loan MECS MMFS Customer CPW How it Works Seattle Steam On-Bill Repayments Repayment to MECS via Escrow Agreement – Wells Fargo
  4. MECS Retrofit Model Retrofit 22% Savings Net Customer Savings ESA Payments Utility Costs Cumulative Customer Savings
  5. PropertyAssessed Clean Energy “CommercialPACE” PACE financing available to to fund performance upgrades Building owner negotiates directly with contractor & investor Funding available for up to 100% of project Lower rates and longer loan terms Enables projects to be cash-flow positive in first year PACE assessment runs with the real estate Property taxes are an operating expense Share costs and savings with current tenants & future owners Debt service reserves improve credit
  6. Energy Upgrade LA 4. CRA/LA approves application and forwards to County LA County EE Retrofit Contractor PACE Investor 7. Owner remits assessment payments to County Building Owner 2. Contractor conducts audit and develops scope of work How it Works 6. County structures bond according to owner-negotiated terms, Investor purchases the bond through “private placement” 8. County remits coupon payments to the PACE investor 3. Owner submits Program Reservation package 1. Owner engages Contractor Lender 5. Owner uses notification of eligibility to negotiate project-specific financing terms with PACE Investors
  7. Thank You! Dan Clarkson Energy Efficiency Finance Corp. Olympia, WA dclarkson@eefinance.net 206-310-8733 www.eefinance.net
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