The Reinvestment Fund s Building Energy Lending

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1 Financial Incentives: Building Green and Green Stormwater Management May 13, 2014 The Reinvestment Fund s Building Energy Lending Roger E. Clark roger.clark@trfund.com

2 How Philadelphia Once Financed Energy Projects 1914 Newspaper Advertisement 2

3 The Reinvestment Fund (TRF) Private, nonprofit community development financial institution Founded in energy lending since 1993 $1.3 billion in 2,860 cumulative investments and loans throughout the mid-atlantic 850 investors Business Lines Lending and Investing Policy & Information Services Real Estate Development PolicyMap 3

4 TRF s Building Energy Loan Funds Nonprofits Energy Savings Investment Program Financing energy conservation by nonprofit organizations. TRF Sustainable Development Fund For clean energy projects throughout PA. EnergyWorks Loan Fund For building energy conservation projects in Bucks, Chester, Delaware and Montgomery counties and the City of Philadelphia Pennsylvania Green Energy Loan Fund For building energy conservation projects throughout PA. TRF s Baltimore Energy Lending For building energy conservation projects in Baltimore, MD 4

5 TRF s Energy Loans and Investments TRF s Financial Support to Date for Clean Energy $36.5MM in loans and equity investments - 44 energy projects $20.3MM in grants energy projects Key Accomplishments Applied TRF s model of public/private lending to energy Supported 7 of the first 8 utility-scale wind farms in PA Started the solar PV market in southeast PA with 232 solar PV installations (almost 1 MW) model for PA Sunshine Program Demonstrated the soundness of PA energy policy initiatives such as Alternative Energy Portfolio Standards Act, Alternative Energy Investment Act and Act 129 (utility conservation programs) 5

6 Examples of TRF s Energy Work Ambler Boiler House a gut rehab of a polluted industrial building into 42,000 s.f. of prime office space next to the Ambler train station, with energy use 44% lower than average office building Thomas Jefferson University four loans for TJU s 10 year program of energy retrofits to its facilities partnering with a leading ESCO and offering lease financing Latin American Bilingual Montessori Charter School (LAMB) new energy systems in an historic building and a new high-performance building addition energy and charter school lending Wind park Bear Creek supported a 24 MW wind farm with a production incentive grant and a loan to fund developer s equity investment in project 6

7 Building Energy Measures Financed by TRF Building Envelope: air sealing, exterior wall and roof insulation, white and green roofs, windows, exterior doors, other envelope measures HVAC: heating, ventilating and air conditioning equipment and systems, controls, energy recovery systems, other HVAC Lighting: interior and exterior fixtures, occupancy and ambient light sensing controls, daylighting measures Plumbing: DHW heater, low-flow fixtures, grey water systems Plug Loads: production and office equipment, kitchen and laundry appliances Other Energy Measures: solar PV, small wind, geothermal, combined-heat-and-power (CHP), energy storage) 7

8 TRF s Typical Energy Loan Project Types Equipment and systems that impact building s energy use in (a) single measure projects; (b) whole-building energy retrofit; (c) gut rehab; and (d) new construction Eligible Borrowers Commercial, nonprofit, institutional, government, industrial, multifamily residential Energy Goal 25% reduction from energy baseline baseline differs with project type Loan Amount $100,000 - $2,500,000 Term 7 years; 10 years with bump in interest rate in Years 8-10 Interest Rate As low as 3.5% fixed Loan to Value 85% Debt Coverage 1.25 Collateral Second mortgage lien, interest in receivables, guarantee, etc. 8

9 Other Financing Terms Financial products include: construction loans term loans lease financing (TRF Leasing) Applications accepted from owners, developers and tenants Security for loans determined on a case-by-case basis Some loans are subject to various federal and state regulatory provisions (Davis-Bacon Act, NEPA, Historical Preservation, etc. 9

10 TRF s Energy Loan Application Process 1. Visit the TRF s energy loan website* and review the Loan Application Instructions and Important Information document 2. Submit two-page Initial Financing Request form (see website*) 3. TRF will contact the applicant to discuss the project. If TRF finds a good fit, the applicant will be asked to submit a complete Loan Application form (see website*) 4. TRF then underwrites the loan based on both the financial strength of the financing request and the ability of the project to satisfy the 25% energy savings goal * 10

11 Review of Energy Savings Estimates All energy analysis and savings estimates must be approved by TRF s consulting energy engineer Our consulting engineer will review: the project s plans and specifications the energy analysis, including its assumptions and inputs The review report will: determine if the project satisfies the energy goal recommend actions to meet the goal if the current design falls short 11

12 Energy Lending Lesson #1 There are many barriers to energy efficiency and finance is not the most significant. Most customers have four basic questions: 1. Why should I care about energy? 2. What are the specific opportunities in my building? 3. Who are the knowledgeable contractors I can trust with my project? 4. How do I pay for the work? The answer to these four questions may vary for your customer s CEO, CFO, facility manager, etc. 12

13 Energy Lending Lesson #1 (cont.) Customers need a cafeteria of services: education energy audits contractor referral lists generic documents specs, RFBs, etc. contracting assistance bid review, etc. financing post-project M&E 13

14 Energy Lending Lesson #2 To be responsive to your customers, finance a variety of energy project types: single measures whole-building retrofits gut rehab new construction Finance other project costs as well as energy measures. 14

15 Energy Lending Lesson #3 Have a strong energy savings goal to encourage projects to be more energy efficient than they would otherwise be. Encourage clients to go beyond the low-hanging fruit. Make the energy savings goal meaningful: Set a real goal for energy savings Have a rigorous methodology to estimate energy savings Have independent expert review of energy analysis Be the trusted, neutral referee for your client Important to reduce barriers to entry by subsidizing a part of the energy analysis in some cases. 15

16 Energy Lending Lesson #4 Loan term is more critical than interest rate. Look for patient capital. Low interest rate is important as a marketing tool, but often less important in the viability of a project. Federal, state and city regulatory provisions often limit financing to larger projects with public dollars already in the mix. Underwrite the borrower, not the energy project. 16

17 Closing Thoughts However your clients finance their building energy project, please encourage them to: 1. Select an architect and design team who understand highperformance buildings; 2. In their design process, fully explore a range of cost-effective energy conservation and efficiency measures; and, 3. Make their design decisions as much as possible - on the life-cycle costs of operating their building and not simply first costs. 17

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