Spinnaker Real Estate Partners Goes Solar with C-PACE
How does an outdated engineering plant become a state-of-the-art, energy-efficient sports facility? And how is an industrial complex repurposed into a home for makers, artisans, and manufacturers?
Through innovative C-PACE financing, Norwalk-based Spinnaker Real Estate Partners has harnessed the power of solar to reduce operating costs, exceed industry standards in sustainability, and give new life – and purpose – to older buildings.
Spinnaker is a privately owned real estate company engaged in the acquisition, development, ownership, and management of commercial properties and multi-unit housing communities for almost 70 years. With a focus on urban redevelopment opportunities, Spinnaker has a passion for projects that connect people, housing, business, jobs, and recreation. In fact, since taking over the business over three decades ago, chairman and CEO Clay Fowler has focused on a commitment to resilient and sustainable
However, updating the energy profile of older buildings to lower energy use and improve operations is a challenge that can tie up capital and reduce the return on investment that Spinnaker and its investment partners expect. That’s why 64 Solar, specialists in designing energy-saving solar systems for commercial real estate, suggested that C-PACE financing from the Connecticut Green Bank would be the perfect fit for Spinnaker.
Watch the case study video or download the PDF through the icon below to learn more.
Available for any type of commercial property, C-PACE gives building owners a way to work with contractors to design custom projects that save both money and energy through upgrades ranging from heating, cooling, and insulation to lighting and solar. Unlike self-funding or a more traditional loan product, building owners can leverage C-PACE’s long financing terms and low rates to spread payments out over time and immediately realize positive cash flow. Because energy savings are designed to offset repayment terms, using C-PACE means more money is freed up for whatever opportunities come a building owner’s way.
The details about Spinnaker’s solar project at Glenbrook Road in Stamford are shown in graphic below.