Petros PACE Finance, LLC, a Commercial Property Assessed Clean Energy (C-PACE) financing company, announced today that it recently completed its seventh privately rated securitization on C-PACE assets from independent credit rating agency DBRS Morningstar. This is the first rating on C-PACE assets under the new and recently released DBRS Morningstar rating methodology.
Petros PACE Financing says these ratings are a testament to the growing importance of C-PACE as an asset class.
Petros PACE Finance served as its own placement agent on the assets and as its own structuring agent on the rated transaction with DBRS Morningstar, using T-REX’s software for the structuring and reporting along with a capital call line from ING.
The C-PACE model is a mechanism for financing energy efficiency and renewable energy improvements on private property. PACE programs exist for commercial and residential properties.