Abacus Property Solutions Selected as New MD-PACE Program Administrator
Abacus Property Solutions, LLC (Abacus) was recently selected by the Maryland Clean Energy Center (MCEC) as the new administrator for the Maryland Commercial Property Assessed Clean Energy (MD-PACE) Program.
The selection was made following a competitive procurement process, including a Request for Qualifications issued by MCEC over the summer. As an instrumentality of state, MCEC offers neutral third party technical and financing capability to help partners implement energy measures efficiently, in addition to the Center’s oversight of the MD-PACE program. PACE Financial Servicing (PFS) has administered the MD-PACE Program in partnership with MCEC since 2015, and will be exiting its role at end of 2021, following Nuveen’s, acquisition of sister companies Greenworks Lending (now “Greenworks Lending by Nuveen”) and PFS, earlier this year.
MD-PACE offers a way for private capital providers to provide upfront financing to commercial property owners for qualifying improvement projects, and to collect the repayment through annual or semi-annual surcharges on the property’s tax bill. Read More