July 1, 2019

PACE Financial Servicing Awarded Contract to Design a C-PACE Program for the State of Alaska

The Alaska Energy Authority has hired industry expert, PACE Financial Servicing, to design a statewide C-PACE program that would serve the needs of economic hubs as well as rural, remote communities.

Anchorage, Ak. – PACE Financial Servicing is the recipient of a contract to design and establish the administrative and financing structures for a C-PACE program for the State of Alaska. The contract has been issued by the Alaska Energy Authority, who have themselves been issued a grant from the U.S. Department of Energy to design a C-PACE program for Alaska.

The Alaska Energy Authority (AEA) is leading the effort to define and establish a statewide Commercial Property Assessed Clean Energy (C-PACE) program in Alaska. They have convened an Advisory Group with representation from urban taxing authorities (local governments), commercial lenders, state government, building science researchers and other interested stakeholders. Alaska passed its C-PACE enabling statute in September 2017 through House Bill No. 80. In light of the passage of this legislation, the AEA and its Advisory Group have been moving quickly to develop a C-PACE program structure that would best serve the unique commercial real estate market in Alaska. In this context, AEA has hired PFS to develop three white papers on: 1) a statewide C-PACE administrative model; 2) C-PACE financing options, and; 3) C-PACE credit worthiness thresholds.

As a women-owned and operated business with an unmatched track record in C-PACE program design and administration, PACE Financial Servicing is well-equipped to fulfill these deliverables. PFS senior team members were the primary architects of the award-winning Connecticut C-PACE Program, as well as the MD-PACE program and the Montgomery County C-PACE program. PFS senior team members have also acted as advisors to numerous state administrators in the crafting of C-PACE legislation and program design, including Pennsylvania, Colorado, Rhode Island, Texas, Delaware, New Jersey, South Carolina, and other states.  The PFS mission is to support governments in the creation of open, standardized, low-cost C-PACE markets designed to drive private sector C-PACE investment and scale. The core value at PFS is to structure each C-PACE program in a manner that scales energy efficiency and clean energy while fulfilling the unique needs of each jurisdiction. PFS was launched to bring expertise in all facets of the C-PACE industry – administration, origination, finance, and servicing – to jurisdictions across the country.

Details of the contract can be found on the Alaska Energy Authority’s procurement website for RFP #19055.