Spinnaker Real Estate Partners


How does an outdated engineering plant become a state-of-the-art, energy-efficient sports facility? And how is an industrial complex repurposed into a home for makers, artisans, and manufacturers? See how innovative C-PACE financing has enabled Spinnaker Real Estate Partners to harness the power of solar to reduce operating costs, exceed industry standards in sustainability, and give new life – and purpose – to older buildings.

“Spinnaker is committed to meeting or exceeding standards in green building development – It’s the right thing to do – for the tenants, our investors, our buildings and our environment… And the Connecticut Green Bank is an excellent partner in that mission.”

– Clay Fowler, Chairman and CEO, Spinnaker Real Estate Partners

Location: 650 Glenbrook Road, Stamford, CT

Building Size: 181,216 square feet

Year Built: 1943

Total Project Cost: $437,326

Energy Upgrade: 135kW roof mounted solar photovoltaic system and roof upgrades

Total C-PACE Financing: $417,053

Term: 20 years

Annual C-Pace Assessment: $36,400

Incentives Federal Income Tax Credit (ITC): $99,446

Zero Emission Renewable Energy Credit (ZREC): $201,115 (over 15 year ZREC contract)

Energy on the Line/Manufacturers Innovation Fund Grant: $35,403

Estimated Average Annual Energy Cost Savings: $51,440*†

Estimated Lifetime Energy Cost Savings: $1,028,805†

Estimated Average Annual Energy Savings: 155,228 kWh†

* Includes tax incentives and ZREC income
† Estimated energy savings are based on best engineering estimate