Clean Fund, a leading nationwide provider of property assessed clean energy (PACE) capital for commercial properties, announced today the closing of a series of transformational financings, totaling $60 million. The new capital was raised from both venture investors and a major investment manager to support growth in the firms nationwide commercial property financing platform. The financing enables Clean Fund to dynamically expand its capital base for years to come as the firm extends its leadership position in commercial PACE financing. Additional details of the transaction were not disclosed.
Were very excited to close the largest round of financing in Clean Funds six-year history, fueling rapid growth of our nationwide commercial PACE financing platform, said Greg Saunders, CEO of Clean Fund. The funding is strategic in many ways, providing a dynamic and flexible foundation that positions the Company to originate hundreds of millions in commercial PACE projects in the coming years.
Clean Funds long-term financing program is specifically tailored for commercial, multifamily and other non-residential properties undergoing large renovations or new construction of mechanical, plumbing, solar and electrical systems. Clean Fund enables owners to complete long-lasting improvements to their properties with capital that is equally long-lasting, creating higher cash flows and greater property value. Many commercial property owners are able to pass through the cost of the financing to their tenants, who also receive a major benefit from reduced energy and water costs.
John Kinney, Clean Funds founder and Chairman adds, I applaud our team on achieving another substantial milestone in the evolution of the company. We share a common vision with our new investors: accelerating the adoption of PACE financing across the U.S. to help reduce the carbon footprint of the built environment, while empowering commercial property owners to generate higher cash flows and property valuations. Its a win-win formula."
