CPACE

How Forbright allocated $65 million Green Bond proceeds to energy efficient commercial projects.

Background: Commercial Property-Assessed Clean Energy is a financing option offered by Forbright to help commercial buildings make energy efficiency upgrades like solar, new windows and doors, upgraded HVAC units, and conservation projects like green roofs. Forbright Inc.’s Green Bond helped actively support the Bank’s commitment to drive progress toward a low carbon future by financing projects that increase energy efficiency.

The Approach:

Forbright allocated a total $65 million to energy upgrades in commercial buildings during 2022
C-PACE funding helps property owners obtain low-cost upfront capital and save money on energy upgrades
Eligible projects include HVAC, renewable energy, lighting and electric, water efficiency, resiliency.

Results:

Forbright’s $65 million capital allocation represented a total estimated annual energy savings of more than 15,000 megawatt hours.
That translated to an estimated almost 4,000 metric tons of CO2 equivalent emissions avoided per year, that’s like avoiding greenhouse gas emissions from 890 cars driven each year.

Includes both renewable & CPACE activity

Conclusion: Commercial Property-Assessed Clean Energy financing supports Forbright’s efforts to accelerate the transition to a more sustainable economy while financing industries and activities which actively support these goals.