Commercial Park Owner in Darien Takes Cue from Green Savvy Tenant
The Nielsen Company of Darien installs 129 kW solar array and new roof at 6 Thorndal Circle with financing from its tenant, Greenworks Lending.
Commercial Property Assessed Clean Energy (C-PACE) finance structure facilitates $146k in year one savings and $1.08 million over the useful life of the property enhancements.
Darien First Selectman, Jayme Stevenson and State Senator Leone register support of project and C-PACE program.
Darien, CT (January 11, 2018) – The Nielsen Company, owners of the Thorndal Circle Office Park in Darien CT have installed a 129 kW solar array and new roof atop 6 Thorndal Circle using Commercial PACE financing. C-PACE financing is a special type of funding for energy saving and renewable energy projects introduced to Jerry Nielsen Jr. by his tenant, Greenworks Lending.
“C-PACE financing removes the barriers to smart green business decisions by providing terms that allow for savings to exceed the cost of repayment from day one,” describes Greenworks Lending Co-founder and CEO Jessica Bailey. “From the moment we moved our growing business to 28 Thorndal – one of the seven buildings in the office park -Jerry recognized the utility of C-PACE.”
The project, which would typically require a significant outlay of capital by the business owner or a power purchase agreement (PPA), was instead funded using C-PACE financing from Greenworks Lending, which allows for long-term finance of the solar array and roof replacement through a special tax assessment to the property. Additionally, the project benefited from the Federal Investment Tax Credit and a ZREC (zero renewable energy credit) incentive from Eversource.
“This solar project accomplishes a few goals including adding value to our property and increasing our ability to attract and retain tenants,” explains Jerry Nielsen Jr. “Next, we are examining solar and additional energy savings projects for our other properties.”
Over the useful life of the panels, which is estimated to be greater than 20 years, the 6 Thorndal Circle project will save 4,622,715 kWh, which equates taking 736 cars off the road for a year. The overall impact of Greenworks Lending’s financing on a national level adds up as well. In fact, at year-end 2017 Greenworks financed projects matched the carbon sequestering ability of more than 16 square miles of forest, an area roughly the size of Darien north of Interstate 95, for 20 years.
“Darien is committed to supporting C-PACE programming and we are thrilled that Darien-based Greenworks Lending is a pioneer in the fast-growing industry of clean energy financing,” stated Darien First Selectman Jayme Stevenson. “We appreciate the positive impact small, dynamic businesses like Greenworks can make and that businesses and properties such as Thorndal Office Park, Mini of Fairfield County and others are taking advantage of the C-PACE program to fuel their business and sustainability efforts.”
“This project represents many of the positive economic drivers behind doing business in our region,” said State Senator Carlo Leone, who visited the office park in December. “Here we have a growing finance company creating jobs in the finance sector and supporting energy jobs. At the same time a Class A office park is making improvements to attract and retain tenants, which creates even more jobs. It’s a win for business, the community and the environment.”
The solar installation was completed by Peregrine Renewable Energy, a Stamford-based commercial solar power development company.
“The project at Thorndal Circle is a prime example of how solar increases the value proposition for tenants and lowers a commercial property’s operating costs, particularly those with high energy use,” stated Rob Liflander, President of Peregrine. “Financing from the state’s C-PACE program and Greenworks Lending helps make these projects huge financial wins for commercial property owners.”
About Greenworks Lending:
Led by several of the industry’s founding policy developers and standard-setters, Greenworks Lending is a private capital provider uniquely dedicated to funding commercial property owner investment in renewable energy and energy efficiency projects through state legislated C-PACE (Commercial Property Assessed Clean Energy) programs on a national level. For more information visit www.greenworkslending.com.
About The Nielsen Company:
The Nielsen Company was founded in 1963 by Gerald Nielsen, Sr. The primary business of the Company is acquisition, leasing and management of commercial office space. The Nielsen Company was among the pioneer developers of corporate real estate in Fairfield County. In fact, Thorndal Circle Office park was the first project of its kind in Darien. The Nielsen Company owns and manages over 250,000 square feet of commercial space in the New England area and prides itself on a hands-on management style. In virtually all matters a tenant deals directly with a principal of the company.
About Peregrine Renewable Energy:
Peregrine Renewable Energy is a commercial solar power developer focused on Connecticut. The Company offers property owners a turn-key service, providing all aspects of solar projects including design, engineering, permitting, construction and commissioning. For more information visit www.peregrinere.com.