Stanislaus County has made a decisive move to bolster renewable energy infrastructure by expanding its Commercial Property Assessed Clean Energy (C-PACE) program. This expansion, approved unanimously by the county's Board of Supervisors, enables participation in the California Enterprise Development Authority. This strategic decision paves the way for Aemetis to access around $130 million in funding dedicated to several sustainable energy projects. The C-PACE program is instrumental for private companies seeking to finance energy efficiency upgrades and renewable energy facilities through state municipal bonds, which are exempt from state taxes. These bonds are notable for their 30-year terms and the option for repayment via property tax bills, offering lenders enhanced protections and liquidity.
Eric McAfee, Aemetis's chairman and CEO, highlighted the critical role of the county's support in funding essential energy projects. Among the planned initiatives are the installation of a mechanical vapor recompression system at the Keyes plant, the expansion of dairy renewable natural gas production, and the development of the Riverbank Sustainable Aviation Fuel plant. Furthermore, the program will aid in refinancing the recently completed Keyes solar generation system and renewable natural gas upgrading hub. These projects are in line with Aemetis's commitment to pioneering technologies that diminish greenhouse gas emissions and substitute petroleum-based products.
The county's endorsement of the C-PACE program expansion signifies a major leap forward in fostering sustainable infrastructure development. It offers Aemetis a versatile and enduring financing solution for its renewable energy endeavors. By utilizing the C-PACE program, Aemetis is positioned to expedite its shift towards low-carbon technologies, all while capitalizing on advantageous financial conditions. For more information on the C-PACE program, visit https://www.calpace.org.
