The company also expanded its reach by adding two municipal partners
DALLAS, Jan. 06, 2025 (GLOBE NEWSWIRE) -- Lone Star PACE, a leading administrator of Texas' C-PACE program, is pleased to announce it facilitated $186 million in C-PACE financing projects in 2024, more than doubling its 2023 total and breaking its annual record for transaction volume for the fourth consecutive year.
Over the course of 2024, Lone Star PACE partnered with property owners, municipalities and capital providers to close 11 Commercial Property Assessed Clean Energy (C-PACE) projects with $751 million of total capital investment. Related improvements are expected to save the state 7.2 million KwH in annual energy usage and 6,937 KGAL in annual water usage.
In addition to administering C-PACE financing, Lone Star PACE also expanded its reach by adding two jurisdictions to its list of authorized cities and counties. The company now has 23 municipal partners statewide.
Lee McCormick, president of Lone Star PACE, said: "As we reflect on 2024, we feel honored to have advanced sustainability in commercial real estate by participating in a diverse range of C-PACE projects. This is a significant milestone for our company, but more importantly it underscores a growing commitment to protect the state's natural resources and build on its world-renowned economic success.”
Commercial Property Assessed Clean Energy is low-cost, long-term financing for energy and water conservation systems at commercial buildings. Property owners can use C-PACE to finance new construction, renovations, building retrofits or recapitalizations. The financing is secured via a special assessment on the property and does not rely on taxpayer dollars.
Since 2020, Lone Star PACE has facilitated more than $338 million in C-PACE assessments covering 36 unique projects.
Glenn Silva, chief operating officer of Lone Star PACE, said: "The C-PACE market grew leaps and bounds this year. More property owners and senior lenders embraced the program, leading to an increase in projects being pushed across the finish line. As we look ahead to 2025, we expect to see an even greater number of industry participants harnessing this powerful tool.”
About Lone Star PACE
Lone Star PACE serves as a program administrator for city and county Commercial Property Assessed Clean Energy (C-PACE) programs in Texas. We help local governments, economic development corporations, chambers of commerce and trade associations promote economic development and resource conservation by facilitating C-PACE projects alongside property owners, C-PACE capital providers, contractors and other stakeholders. Our goal is to promote sustainability and economic development while positively impacting cash flow and utility savings. For more information, visit our website.
Media Contact
Olivia Lueckemeyer
Director of Marketing & Media Relations at Lone Star PACE
