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White Oak Announces Commercial Property Assessed Clean Energy (PACE) Financing Program

September 05, 2019, 08:50 AM
Filed Under: Energy

White Oak Global Advisors, LLC (“White Oak”) is pleased to announce the California Statewide Communities Development Authority (“CSCDA”) has named White Oak as a commercial PACE Program Administrator for the CSCDA’s Open PACE Program.  As a Program Administrator, White Oak will provide up to 100% financing for energy efficiency, renewable energy, water conservation, and seismic retrofit projects on commercial real estate.

Using the innovative PACE structure, financing obligations are repaid through property tax bills.  Repayment schedules will match the useful life of projects, and White Oak aims to provide customized solutions for the unique capital needs of each project.

Andre Hakkak, White Oak Co-Founder and CEO commented: “I am so pleased White Oak has been selected as a PACE program administrator because it is an excellent representation of White Oak’s strategy: providing financing to small and medium sized enterprises to help them invest in better business practices, create jobs, become more environmentally friendly, and, ultimately, grow. California has set rigorous sustainability and earthquake preparedness goals, and White Oak is proud to be part of the solution to achieving these standards.” The PACE program will also be an integral part of White Oak’s ESG investment priorities, with the goal of partnering with companies and programs that promote positive environmental impacts.

California first enabled PACE financing for renewable energy and energy efficiency projects in 2007. Since then, over $2 billion of financing has gone to PACE projects across the state.  California’s Low-Carbon Buildings Bill was signed into law September 13, 2018, and C-PACE figures to play an important role in meeting the law’s goal of reducing greenhouse gas emissions from the state’s building stock by 40 percent below 1990 levels by 2030.

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