CleanFund Commercial PACE Capital and Salt Lake City announced the financing on the city’s new Hyatt Regency hotel.
The $54.7 million in Commercial Property Assessed Clean Energy (C-PACE) contribution provided by CleanFund will fund nearly every sustainable upgrade in the new hotel, demonstrating the effectiveness of the state’s new C-PACE legislation toward achieving Salt Lake City’s environmental goals. It also sets a record for the single-largest amount ever financed by C-PACE nationally.
With the city’s revamped C-PACE program, Salt Lake City is in a position to lead the country in renewables and carbon reduction. Under Mayor Jacqueline Biskupski’s leadership, Salt Lake City has set aggressive sustainability goals for 2030 to be 100 percent renewable by 2030 and cut carbon emissions by 80 percent by 2040. Mayor Biskupski said, “C-PACE was the lowest cost of capital for the developer, Portman Holdings, which enabled the project to proceed. We expect th
