Connecticut-based Commercial Property Assessed Clean Energy or C-PACE lender Greenworks Lending has expanded into California, GlobeSt.com has learned exclusively. The company has opened new offices in Orange County, Oakland and San Diego. Greenworks sees strong demand nationwide for C-PACE lending programs, and with sustainably centered building codes already in place in California, developers in the state can benefit substantially from C-PACE lending.

“Our capital is specifically allocated to support sustainability measures in commercial and multifamily properties. Because California's codes and building standards already require many of these sustainability measures, our capital is a perfect fit for the commercial real estate community in this state,” Dana White, director of business development for California at Greenworks Lending, tells GlobeSt.com. “California is also a natural next step in Greenworks' expansion based on the state's growing policies that encourage energy efficiency, sustainability, water conservation and building resiliency.”

California is primed to take advantage of C-PACE financing capital. In addition to building codes, the state has also implemented policy goals to encourage sustainability. “Some of these actions include policy goals to increase renewable energy production to 50%; to double energy efficiency savings at existing buildings; and to promote cleaner zero vehicle or near-zero emissions,” says White. “In addition, the 2019 Title 24 building code update includes new standards to improve the energy efficiency of newly constructed buildings and additions and alterations to existing buildings.”