The Alaska Energy Authority (AEA) and PACE Financial Servicing are pleased to report the continued development of C-PACE in the state of Alaska through the completion of the Alaska C-PACE website, the publishing of the initial Program Handbook, and the progress that the Municipality of Anchorage has made by submitting a Resolution of Intent to establish a C-PACE program. These three significant accomplishments are crucial to facilitating C-PACE in Alaska, and once a program is established will allow commercial and industrial property owners to access long term, no money down financing to fund a wide variety of property improvements.
Over the last several months, the Alaska Energy Authority, a facilitator for Alaska C-PACE, and PACE Financial Servicing collaborated on the creation of a website for Alaska C-PACE. This website will serve as a resource for information on C-PACE in Alaska and is intended to be used by all Alaskan stakeholders, including property owners, government officials, contractors, and capital providers. With information including the structure of C-PACE, the history of C-PACE legislation in Alaska, and templates of the legal documents required to establish a C-PACE program, the website will serve as an introduction to C-PACE and as an avenue for interested stakeholders to learn more about local programs. As C-PACE grows in Alaska, the website will be updated with links to the websites of municipal C-PACE programs.
Near the end of July, a draft of the Alaska C-PACE Program Handbook was completed by the PFS staff and shared with members of the Municipality of Anchorage and the Alaska Energy Authority; it is now published on the Alaska C-PACE website for public review. The Program Handbook is intended to assist municipalities in Alaska in developing local C-PACE programs and includes a description of C-PACE legislative requirements, form copies of requisite program documents, a description of eligible projects, and more. By drafting and sharing the Program Handbook, AEA and PFS hope to inform municipal government officials about the benefits of C-PACE financing, to facilitate the development of local programs, and to promote C-PACE financing throughout the state.
The final accomplishment of this month is the submission of a Resolution of Intent to establish a C-PACE program in the Municipality of Anchorage to the Anchorage Assembly. This is a critical step in developing a C-PACE program, as described in the state statute on C-PACE financing. Ultimately, the goal will be to propose and enact an ordinance permitting C-PACE financing within the Municipality’s jurisdiction. Look for updates on this as developments emerge.
PFS is proud to be a partner with the Alaska Energy Authority to assist in developing C-PACE in Alaska. We hope that the accomplishments already achieved will be followed by others, culminating in the successful establishment of C-PACE programs throughout the state of Alaska.
The Alaska Energy Authority (AEA) is a public corporation of the State of Alaska governed by a board of directors with the mission to “reduce the cost of energy in Alaska.” AEA is the state’s energy office and lead agency for statewide energy policy and program development. AEA works to oversee its core programs concerning diversifying Alaska’s energy portfolio, planning energy policy, investing in Alaska’s energy infrastructure, and providing rural Alaska with technical and community assistance.
PACE Financial Servicing (“PFS”) is a private, investor-funded, women-owned and operated company established in 2015 to assist state and local governments with the design, implementation, and the administration of C-PACE programs. Through its unique background working within a quasi-public, quasi-private finance authority and now through its current platform which serves both private capital markets and state and local governments, PFS has built an unparalleled experience designing C-PACE legislation, program design, and program administration governance structures that have a proven track record of success.