Poppy Bank, recognized as one of the strongest financial institutions in the nation with branches throughout California, announced the closing and funding of $103 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Chinese Hospital in San Francisco. The transaction includes both taxable and tax-exempt components and is the single largest C-PACE transaction ever in the nation.
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“We are very excited about this transaction and the Poppy Bank C-PACE Financing Division,” said President and Chief Executive Officer, Khalid Acheckzai. “We started our C-PACE Division in late 2020 and our ability to provide the most competitive cost structure nationally has allowed us to now fund the largest C-PACE transaction ever in the United States. Offering clean energy funding for commercial projects through C-PACE is a game changer for the nation.
This transaction supports San Francisco’s new initiative of achieving a net-zero emissions by 2040 — and I am proud that Poppy Bank is part of this positive change. I would like to thank GreenRock, The California Statewide Communities Development Authority (CSCDA) and Jones Hall for their contributions to this transaction.”
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This C-PACE financing, which was entirely funded by Poppy Bank, reduces the cost of financing for seismic and other building improvements associated with the new patient tower. The transaction goes towards refinancing outstanding debt and will provide the Chinese Hospital with a cashflow savings of more than $40 million over the next 10 years, a tremendous benefit during a historically crucial time for the medical industry.
Almost half of the energy consumed in the United States is used to operate buildings. C-PACE is an economic driver for business growth, local job generation, and environmental sustainability. When approved, C-PACE financing may cover up to 100% of eligible costs. The financing is repaid through a property assessment payment paid through the term of financing.
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