Luckily, for commercial, industrial and multifamily property owners, the Connecticut Commercial Property Assessed Clean Energy’s (C-PACE) launch of Green Bank just two years ago has helped more than 90 property owners “go green,” and the benefits can be seen here in Bridgeport.
Forstone Capital, a Darien-based real estate investment firm whose principal Brandon Hall was recently featured in a “Bridgeport Better Every Day” advertisement, has been taking advantage of C-PACE funds from the Connecticut Green Bank to renovate a 98,000-square-foot office space at 855 Main St.
With this partnership, Forstone was able to garner about $2 million to finance HVAC upgrades, new cooling towers and energy-management measures that will bring in more than $6 million in savings over the life of the upgrades, according to the Connecticut Green Bank.
Forstone’s success in Bridgeport is just one of many projects that Connecticut Green Bank CEO Bryan Garcia was happy to announce at the two-year mark of the organization's quick start and growth.
“We are thrilled by the success of the C-PACE program,” said Garcia, “In just two years, we’ve seen the first securitization of C-PACE transactions in the country and allocated more than $65 million of capital, enabling property owners to make deep energy upgrades and control their energy costs.”
The City of Bridgeport has also done its part in making sure information on C-PACE and “PACE” funding are readily available through their website for Bridgeport business owners.
The push for a greener industrial, commercial and residential Connecticut comes as the industry has allowed from more financially sound upgrades, according to Garcia.
"Clean energy is now more accessible and affordable to the commercial and industrial sector,” Garcia said. “We are supporting economic development and creating jobs, and the Connecticut Green Bank is leveraging limited public dollars to attract private investment.”
To learn more about the Connecticut Green Bank and how your business can take advantage of C-PACE, click here.
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