December 22, 2016
Rancho Mirage, CA: K2 Clean Energy Capital, LLC has developed and executed the PACE financing for the construction of a $2.4M project including a solar PV carport system and installation of energy efficiency upgrades at The River at Rancho Mirage. The River, which was acquired by the CheerLand Investment Group in June 2014, is the premier shopping, dining, and entertainment destination in the Coachella Valley. The River features Century Theatres; leading restaurants including Fleming’s Steakhouse, The Yard House, PF Chang’s, and the Cheesecake Factory; and many high-end retail establishments.
The project includes both a 667kW DC solar carport system and a new water pumping and control system that will offset over 95% of the facility common area electricity use and will generate CAM charge reductions to the tenants of over $200K per year. Construction will begin in Q1/2017. K2 Clean Energy Capital managed the entire development process from the initial energy audit, development of the engineering solutions, contractor bidding and contract negotiation, through to structuring of the PACE and tax equity financing. Following a thorough selection process, the owner selected Renova Energy Corp, a local solar provider in the Coachella Valley, to construct the solar system using American-made, SolarWorld PV modules. Funding for the PACE financing was provided by CleanFund in Sausalito, CA.
“The PACE financing of this project allows for the pass-through of both the PACE payments as a property tax assessment and the energy cost savings as CAM charges to the tenants of the mall. The net effect to the tenants will be a reduction in costs” added Stephen Tsu, co-founder and Managing Director of K2 Clean Energy Capital. “This project showcases how PACE financing can be utilized for multiple renewable energy and energy efficiency initiatives to create a winning solution for both the property owner and the tenants.”
About K2 Clean Energy Capital, LLC:
K2 Clean Energy Capital provides turn-key solutions to commercial building owners to develop, finance, and execute renewable energy, energy efficiency, and water conservation projects. Our goal is to enable property owners to simultaneously reduce operating expenses and improve their environmental footprint both without making any significant capital investments. K2 CEC also offers PACE financing services to renewable energy contractors and developers through it’s proprietary PACE financing web portal.
Stephen Tsu, Managing Director
K2 Clean Energy Capital, LLC
900 E. Hamilton Ave, Suite 100
Campbell, CA 95008