Nuveen Green Capital and the Philadelphia Energy Authority announced the closing of $30.08 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a Freezpak cold storage facility in the Port Richmond neighborhood of Philadelphia. This is the largest C-PACE deal to-date in Pennsylvania and brings the total amount of C-PACE dollars invested by private sector lenders to $100 million in Philadelphia.
C-PACE financing for this project is being used for extensive energy efficiency improvements, making the building 30% more efficient than required by Philadelphia’s building energy code. Financed measures include energy efficient walls and glass, interior and exterior LED lighting, variable volume air handlers, freezer evaporators, domestic water heater, and exhaust fans.
“This kind of collaboration between the public and private sectors has brought real economic development to Philadelphia, and is just the type of innovation we will need to see as climate funding from the Inflation Reduction Act begins to flow,” said Matt Stern, Senior Director of Commercial Programs at the Philadelphia Energy Authority, which administers the Philadelphia C-PACE program, in a press release.