New York greenlights C-PACE bill for new construction

By Jennifer Kang
09 Sep 2020

Market players applauded the New York State Legislature for passing the “C-PACE Bill”, legislation to allow commercial property owners to tap property assessed clean energy (PACE) financing for new construction projects. Expected to be signed into law in coming weeks, the bill unlocks an untapped market for issuers and is likely to drive origination volumes to new heights, said panellists at IMN’s Solar, PACE and ESG Investing conference.

The initiative to enable PACE financing for property owners in New York stretches back to 2009, when C-PACE legislation was originally passed. Until now, C-PACE financing was not available for new construction projects, a meaningful omission that prevented C-PACE from taking off more broadly in New York.

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