WASHINGTON, DC–DC United has received a $25 million private clean energy note that will be used to install a number of sustainable energy and water measures, including an 884 KW solar array and a stormwater retention system, at the Audi Field soccer stadium.
The financing is being provided via the US Department of Energy and Environment's Property Assessed Clean Energy (PACE) program, which operates through public-private partnerships. In this deal, EagleBank was the finance partner.
This transaction marks the largest single PACE note issued to date and the first for a stadium project.
The PACE financing means the project will save about $125,000 annually on utility bills, according to Jason Levien, United managing general partner. “As the first stadium to use PACE financing, we are excited to make Audi Field a national leader in environmental performance and green community benefits.”
The transaction dovetails with the District's sustainable goals, which call for reducing greenhouse gas emissions by 50%, increasing the use of renewable energy to 50% of the District's energy supply, and reducing energy use by 50% by 2032. It is also an example of how Washington, DC can think globally while acting locally, Mayor Muriel Bowser said in a prepared statement. “This deal will not only allow us to green Audi Field, it will also create new opportunities for local businesses and high-quality green jobs for DC residents,” she said.
The 884KW solar array system is being developed by DC-based New Columbia Solar and will provide roughly one million kilowatt hours of solar power annually — enough to offset almost a third of the stadium's projected electricity usage. In total, the stadium's PACE-funded measures will result in a 25% reduction in energy use and will reduce emissions by 820 metric tons of CO2 annually. That is roughly equivalent to taking 173 cars off the road.
WASHINGTON, DC–DC United has received a $25 million private clean energy note that will be used to install a number of sustainable energy and water measures, including an 884 KW solar array and a stormwater retention system, at the Audi Field soccer stadium.
The financing is being provided via the US Department of Energy and Environment's Property Assessed Clean Energy (PACE) program, which operates through public-private partnerships. In this deal, EagleBank was the finance partner.
This transaction marks the largest single PACE note issued to date and the first for a stadium project.
The PACE financing means the project will save about $125,000 annually on utility bills, according to Jason Levien, United managing general partner. “As the first stadium to use PACE financing, we are excited to make Audi Field a national leader in environmental performance and green community benefits.”
The transaction dovetails with the District's sustainable goals, which call for reducing greenhouse gas emissions by 50%, increasing the use of renewable energy to 50% of the District's energy supply, and reducing energy use by 50% by 2032. It is also an example of how Washington, DC can think globally while acting locally, Mayor Muriel Bowser said in a prepared statement. “This deal will not only allow us to green Audi Field, it will also create new opportunities for local businesses and high-quality green jobs for DC residents,” she said.
The 884KW solar array system is being developed by DC-based New Columbia Solar and will provide roughly one million kilowatt hours of solar power annually — enough to offset almost a third of the stadium's projected electricity usage. In total, the stadium's PACE-funded measures will result in a 25% reduction in energy use and will reduce emissions by 820 metric tons of CO2 annually. That is roughly equivalent to taking 173 cars off the road.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
