the sustainable development fund in 2017 · sonny popowsky(retired pa consumer advocate) richard...
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Pennsylvania Sustainable Energy BoardAnnual Meeting – February 8, 2018
The Sustainable Development Fund in 2017
Roger E. ClarkReinvestment Fund
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Topics
1. New SDF board
2. Update on SDF’s 2016 Loans
3. 2017 lending
4. SDF Cumulative Outlays through 12/31/17
5. 2017 financial statements
6. 2018 pipeline – loans
7. 2018 pipeline ‐ grants
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SDF’s New Board
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On May 17, 2017, the past board of the Sustainable Development Fund approved the nominations of the following nine new board members: Alex Dews (Green Building United) Michael Freeman (Emerald Energy Consulting) Matthew Madia (Bridgeway Capital) Sonny Popowsky (retired PA Consumer Advocate) Richard Schlesinger (PECO) Christine Simeone (Kleinman Center for Energy Policy) Sidharth Singh (Strategic Finance Group) Lori Van der Voort (PWI Engineering) Sherif Youssef (Philadelphia Gas Works)
Confirmed by Commission July 12, 2017.
2016 Loan: Navy Yard Community Solar Project
425 kWDC solar PV system on the roof of Building 990 (home to the motorcycle gear company RevZilla). The project became operational on October 17, 2017.
Will produce an estimated 901,758 kWh annually for the Navy Yard microgrid under a 20‐year Power Purchase Agreement.
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Navy Yard Community Solar (cont.)
Tenants at the Navy Yard will be able to subscribe to the project and be credited on their electric bills for their proratashare of solar generation.
$650,000 SDF construction loan to Alternative Energy Development Group – taken out by the Community Development Financial Institution Bond Guaranty Program –20 year term
SDF grant to support marketing, 20% of the cost of the new roof on Building 990, and a current flow study to establish how much the project uses the Navy Yard’s distribution system.
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2016 Loan: Ecosave ‐ 1530 Chestnut
Building is mixed‐use ‐ retail and student housing
ECM was a new chiller
$615,000 SDF loan to Ecosave
Repayment through a 15‐year ESA between property owner and Ecosave.
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2016 Loan: Ecosave – Maplewood Office Building
Building is a 35,000 s.f office building
ECMs included:o 1,396 new LED lighting fixtureso new roof‐top unito HVAC controlso building energy management system for an office building
$421,140 loan to Ecosave Repayment through a 16‐year ESA
between property owner and Ecosave.
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2016 Loan: Ecosave – Racquet Club of Philadelphia
ECMs included:o thermostatic radiator valveso new motors with VFD on chiller loop
o chiller optimizationo building energy management system
$268,841 loan to Ecosave Repayment through a 15‐year ESA
between property owner and Ecosave.
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2016 Loan: Keystone Academy Charter School
Project was for the renovation of an existing historic school building (the Mary DisstonSchool) and the new construction of a classroom wing.
Full range of energy measures in the project – building envelope, HVAC, lighting, plumbing, etc.
$1,700,000 SDF loan – part of a larger Reinvestment Fund loan
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2016 Loan: Aloft Philadelphia Downtown
Gut rehab of an historic office building into an Aloft Hotel
Full range of energy measures – building envelope, HVAC, lighting, plumbing, etc.
$3,000,000 SDF loan
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News at the Start of 2017
Matt Soloff | Managing Director, Financial Operations & AnalysisReinvestment Fund
From:Matt Soloff Date: January 23, 2017 at 9:41:11 AM MSTTo: Andrew Rachlin, Christina Szczepanski, Roger ClarkCc: Nancy Wagner‐Hislip Subject: SDF
Just an FYI that the SDF capital is fully utilized and per the model will not have any availability until early 2018. There are currently no deals on the C&P expected to close using SDF.
Thanks.
Matt___________________________________________________________________________
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SDF Energy Loans Closed in 2017
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PROJECT
LOANCLOSINGDATE
PROJECTCOMPLETION
DATE
SDFLOAN
AMOUNTSUPPORTED
WORK
Rittenhouse Claridge CHP ‐Strategic Finance Group
12/19/17 01/31/18 $55,000
Add‐on financing for the CHP project SDF supported with $615,000 in late 2015. The new funding was to add a new natural gas line to building so project would qualify for PGW’s preferential rate for CHP gas.
SDF’s Cumulative Financial Activity
Type ofSupport
# of Closed Transactions
Total$
Debt Financing 39 $23,958,839
Equity Investments 6 $3,788,770
Grants 375 $20,845,078
TOTALS: 420 $48,592,687
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Total funding SDF received from PECO was $31,815,216.
Total financial support Reinvestment Fund has made to clean energyhas been $112,274,645.
SDF’s 12/31/17 Unaudited Financial Statements
Financial Income Loans and leases $ 375,273 Marketable securities $ 2,612
Financial Expenses Provision for loan and lease losses ($ 52,640) Program Expenses ($ 3,830)
Change in Net Assets $ 425,036
Loans and Leases Receivable $ 7,529,300
Total Assets and Liabilities $ 9,668,225
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Energy Loan Pipeline in early 2018
Projects in Underwriting:
Ecosave IX – Abramson Center – a senior living facility in North Wales, PA ‐ $1.12MM loan request
Folk Arts‐Cultural Treasures Charter School (“FACTS”) ‐$2MM energy loan request that is part of a larger Reinvestment Fund loan request.
Alternative Energy Development Group – second phase of Navy Yard Community Solar Project ‐ $450,000
Energy Coordinating Agency – a 100 kWDC solar PV array ‐$126,625 loan request
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Energy Grant Pipeline in early 2018
SDF will be offering $200,000 in grant support in 2018
Most impactful candidate is to help Philadelphia make a quick and smooth transition to the 2018 International Energy Conservation Code.
Staff is working with City’s Licenses and Inspections, Green Building United and others to determine how best to deploy our dollars. Looking at public and private sector needs.
SDF board approval needed.
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SDF Contact Information
Sustainable Development Fund1700 Market Street ‐ 19th Floor
Philadelphia, PA 19103
Roger E. Clark, Manager215.574.5814