During the first week of October, the Maryland Commercial PACE program (MD-PACE) closed the largest solar project to benefit from C-PACE financing in the state to date. The Frederick Indoor Sports Center (FISC) will use over $880,000 of C-PACE financing to fully fund the purchase and installation of over 440 kW of solar production capacity. The Frederick Indoor Sports Center is the 26th C-PACE project in Maryland and the second largest C-PACE project in the MD-PACE program to date.
The Frederick Indoor Sports Center C-PACE project was locally driven from the outset. The project’s engineering, procurement, and construction partner, Sustainable Energy Systems (SES), is a renewable energy design and installation business based out of Frederick, Maryland that has been operating in the Mid-Atlantic since 2008 and has over sixty local employees.
The resulting project finances over $880,000 to install over 1,300 solar panels, equivalent to approximately 440 KW of solar production capacity, on the roof of the Frederick Indoor Sports Center. The solar array is designed to offset the property’s electricity consumption by 100%, meaning that FISC will no longer purchase electricity from the electrical grid. This is an unusual achievement for commercial properties, which are frequently able to offset only a portion of their actual electricity consumption through the installation of solar energy generation.
Dividend Finance is a longtime partner of SES in the residential space, and now, commercial solar PV projects. Dividend Finance is proud to partner with SES, the owners of FISC, LordCap PACE as a funding partner, and with the MD-PACE program to provide the financing solution for this venture. All these parties shared a commitment to utilize C-PACE financing to make the envisioned conversion to solar PV a reality, using the MD-PACE program to match long-term capital with long-term renewable energy and energy efficiency improvements.
This project represents LordCap PACE’s inaugural C-PACE financing provided to a Maryland property owner. “We look forward to continuing to work closely with Jessa and her team,” said Joseph Lau, Chief Investment Officer of LordCap PACE.
Full story here: https://www.md-pace.com/frederick-indoor-sports-center-leading-the-way-in-local-clean-energy-solutions/