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Green Evaluation: Greenworks Lending LLC's Pacewell 2 LLC Term Notes, 2017-1, May 1, 2019

Pacewell 2 2017-1 is a special purpose vehicle (SPV) created to issue $75 million in private placement notes secured by a portfolio of commercial property-assessed clean energy (C-PACE) assets in 10 states and the District of Columbia. C-PACE programs allow for low-cost financing of a variety of energy efficiency, renewable energy, water conservation, storm protection, and seismic improvements on commercial properties; a special tax or an annual or semiannual assessment on a property’s tax bill repays the financing. Greenworks Lending LLC, the transaction sponsor, was founded in 2015 and in 2017 issued the U.S.'s first securitization of solely C-PACE assets with this transaction.


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