"This project showcases how PACE financing can be utilized for multiple renewable energy and energy efficiency initiatives to create a winning solution for both the property owner and the tenants.”
Rancho Mirage, CA (PRWEB) December 23, 2016
K2 Clean Energy Capital, LLC announced today that the PACE funding has been executed for the construction of a $2.4M project including a solar PV carport system and installation of energy efficiency upgrades at The River at Rancho Mirage. The River, which was acquired by the CheerLand Investment Group in June 2014, is the premier shopping, dining, and entertainment destination in the Coachella Valley.The River features Century Theatres; leading restaurants including Fleming’s Steakhouse, The Yard House, PF Chang’s, and the Cheesecake Factory; and many high-end retail establishments.
The project which was developed by K2 Clean Energy Capital LLC includes both a 667kW DC solar carport system and a new water pumping and control system that will offset over 95% of the facility common area electricity use and will generate CAM charge reductions to the tenants of over $200K per year. Construction will begin in Q1/2017.
“This project demonstrates our commitment to the environment and to continued modernization at The River. In addition our tenants will directly benefit from the cost savings achieved” said Ungar Kung, Director, CL Investment Group. “K2 Clean Energy Capital guided us through each step of this process from the initial energy audit, development of the engineering solutions, contractor bidding and contract negotiation, through to structuring of the PACE and tax equity financing. Following a thorough selection process, we selected Renova Energy Corp, a leading solar provider based in the Coachella Valley, to construct the solar system using American-made, SolarWorld PV modules.”
“The PACE financing of this project allows for the pass-through of both the PACE payments as a property tax assessment and the energy cost savings as CAM charges to the tenants of the mall. The net effect to the tenants will be a reduction in costs” added Stephen Tsu, co-founder and Managing Director of K2 Clean Energy Capital. “This project showcases how PACE financing can be utilized for multiple renewable energy and energy efficiency initiatives to create a winning solution for both the property owner and the tenants.”
Funding for the PACE financing was provided by CleanFund Commercial PACE Capital, located in Sausalito, CA. “We are delighted to support K2 Clean Energy Capital and The River with CleanFund’s PACE financing of this exciting project” says Chris Robbins, Managing Director at CleanFund. “The demand for commercial PACE financing continues to grow rapidly because it provides cost-effective, long-term financing for renewable energy, energy efficiency and water conservation measures for most commercial properties.”
About K2 Clean Energy Capital, LLC:
K2 Clean Energy Capital, founded in 2013, provides turn-key solutions to commercial building owners to develop, finance, and execute renewable energy, energy efficiency, and water conservation projects. K2 enables property owners to simultaneously reduce operating expenses and improve their environmental footprint both without making any significant capital investments. K2 CEC also offers PACE, operating lease and equipment loans to renewable energy contractors and developers. K2 has a real time financing application which is available on the industry leading Energy Tool Base platform.
Stephen Tsu, Jonathan Pickering, Managing Directors
Switchboard: 408 894-9999, email: info(at)k2cleancap(dot)com
K2 Clean Energy Capital, LLC
900 E. Hamilton Ave, Suite 100
Campbell, CA 95008
About CheerLand Investment Group:
CheerLand Investment Group aims to integrate global resources, while serving human healthcare and technological development, based on high-tech investment and real estate investment, together with medical technology and Internet banking. Today, CLIG has branches in New York, San Francisco, Los Angeles, Beijing, Shanghai, Xiamen, and Langfang. CL Capital, a part of CLIG, with its base in Silicon Valley, engages in venture capital. Currently, it has invested in multiple start-ups in fields like intelligent hardware, internet real estate, and e-commerce. The partners of CLIG include many famous Silicon Valley investment institutions, such as 500 Startups, AngelPad, and Plug and Play. CL Real Estate, also a part of CLIG, has invested and developed multiple residential and commercial real estate projects in cities such as New York, San Francisco, Sacramento, Los Angeles, Rancho Mirage, Shanghai, and Langfang.
Ungar Kung, Director of Acquisitions
CheerLand Investment Group
8 Corporate Park, Suite 300
Irvine, CA 92606
About CleanFund Commercial PACE Capital
CleanFund Commercial PACE Capital is the #1 direct provider of long-term financing for energy efficiency, water conservation, renewable energy and seismic improvements to commercial, multifamily and other nonresidential properties in the U.S. With significant expertise in commercial real estate, finance, renewable energy and PACE policy, CleanFund is a direct provider of capital for Property Assessed Clean Energy, a financing structure adopted in 33 states and the District of Columbia that allows property owners to repay investments for building upgrades and new construction on their property tax bills.CleanFund has the largest dedicated commercial PACE team in the industry. The company’s PACEDirect™ financing program enables property owners to install modern energy and water technology with no up-front cost, increasing property cash flows and value.
Contact: For more information, please visit http://www.CleanFund.com.