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How does an outdated engineering plant become a state-of-the-art, energy-efficient sports facility?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
