SOUTH KINSTOWN – E2SOL LLC, a Providence renewable-energy company, recently closed its first C-PACE-financed project in South Kingstown.
The project, a 121-kilowatt solar array, is for Laurel Lane Country Club in West Kingston, a village of South Kingstown. Anthony Baro, managing principal of E2SOL, lauded the C-PACE financing deal provided by Greenworks Lending.
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“The C-PACE program financing provided by Greenworks Lending played a significant factor in making this project feasible for the client,” Baro said. “Our clients’ first and foremost motivation is the financial benefit, so 100 percent financing, including soft costs for a long term and fixed rate sets the table for the environmental benefits that follow.”
C-PACE is a financing mechanism that allows commercial properties to finance energy-efficiency and clean-energy projects through an assessment of property taxes.
The project includes a ground-mounted solar array that is expected to be completed by the fall. Baro said the panels will power a range of operations, including the gold course water system, a large-scale banquet hall and an on-site restaurant.
E2SOL expects to collaborate on additional C-PACE-financed projects throughout the summer.
“It’s very encouraging to be able to offer this financing mechanism to clients and to see the state of Rhode Island providing support to businesses through its economic policies,” Baro said.
