Connecticut-based CommercialProperty Assessed Clean Energy or C-PACE lender GreenworksLending has expanded into California, GlobeSt.com haslearned exclusively. The company has opened new offices in OrangeCounty, Oakland and San Diego. Greenworks sees strong demandnationwide for C-PACE lending programs, and with sustainablycentered building codes already in place in California, developersin the state can benefit substantially from C-PACE lending.

“Our capital is specifically allocated to support sustainabilitymeasures in commercial and multifamily properties. BecauseCalifornia's codes and building standards already require many ofthese sustainability measures, our capital is a perfect fit for thecommercial real estate community in this state,” DanaWhite, director of business development for California atGreenworks Lending, tells GlobeSt.com. “California is also anatural next step in Greenworks' expansion based on the state'sgrowing policies that encourage energy efficiency, sustainability,water conservation and building resiliency.”

California is primed to take advantage of C-PACE financingcapital. In addition to building codes, the state has alsoimplemented policy goals to encourage sustainability. “Some ofthese actions include policy goals to increase renewable energyproduction to 50%; to double energy efficiency savings at existingbuildings; and to promote cleaner zero vehicle or near-zeroemissions,” says White. “In addition, the 2019 Title 24 buildingcode update includes new standards to improve the energy efficiencyof newly constructed buildings and additions and alterations toexisting buildings.”