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CleanFund's first 144A securitization of C-PACE assets was recognized on a number of fronts including the AAA rating it achieved for class-A notes, which were backed by a pool of $115 million assets.
Southern California owners are increasingly using C-PACE financing in the capital stack as a way to curb costs of energy upgrades and adaptive reuse projects.
This is the industry's first and largest securitization backed exclusively by commercial property-assessed clean energy/C-PACE and was issued for 82 US properties (pursuant to rule 144A of the Securities Act of 1933).
Seagate Properties used 30-year C-PACE financing by Cleanfund to install a 49.6 kW solar PV array on Seagate's San Rafael headquarters and in an office building in Sausalito using a 76 kW solar PV array.