Largest C-PACE Deal Ever in the Country Closes in Utah

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SAN FRANCISCO — Today, CleanFund Commercial PACE Capital, Inc. (CleanFund) and Salt Lake City announce financing on the city’s new Hyatt Regency hotel which closed on December 30, 2019. The $54.7 million in Commercial Property Assessed Clean Energy (C-PACE) contribution provided by CleanFund will fund nearly every sustainable upgrade in the new hotel, demonstrating the effectiveness of the state’s new C-PACE legislation towards achieving Salt Lake City’s environmental goals. It also sets a record for the single largest amount ever financed by C-PACE nationally.

With the city’s revamped C-PACE program, Salt Lake City is in a position to lead the country in renewables and carbon reduction. Under Mayor Jacqueline Biskupski’s leadership, Salt Lake City has set aggressive sustainability goals for 2030 to be 100% renewable by 2030 and cut carbon emissions by 80% by 2040.  Mayor Biskupski said “C-PACE was the lowest cost of capital for the developer, Portman Holdings, which enabled the project to proceed. We expect that C-PACE is going to be a catalyst to enable the City to meet our sustainability goals.”

Opening in 2022, the Hyatt Regency Salt Lake City will be the first 4-star large hotel delivered to thriving Salt Lake City since the City hosted the 2002 Winter Olympic Games.

Read the full article at PRNewswire.com.