Lesley Osborn
Nuveen Green Capital
475-291-6346 | Lesley.Osborn@nuveen.com

Philadelphia Energy Authority (PEA), Nuveen Green Capital, and Riverwards Group closed $17.3 million in Philadelphia Commercial Property Assessed Clean Energy (C-PACE) financing to support construction of a new 155-unit multifamily apartment building in Philadelphia’s East Kensington neighborhood.

The six-story development at 2507 Almond Street will include high-efficiency heating, ventilation, and air conditioning (HVAC) and building envelope upgrades, among other improvements. Construction on the $37-million development is expected to be complete by 2028.

C-PACE financing covers 100% of the project’s eligible energy efficiency and water conservation improvements. These upgrades are projected to avoid 360 megawatt hours (mWh) of electricity and 1.5 million gallons of water per year, reducing the equivalent of 158 metric tons of annual carbon emissions. Overall, the project is anticipated to outperform Philadelphia energy code requirements by 23.5%. 

The transaction is the latest example of how Philadelphia’s C-PACE program supports high-performance building upgrades, while reducing air pollution and water consumption for occupants and surrounding communities.

“Each new Philadelphia C-PACE project builds upon the economic and environmental progress we’re seeing across the city,” said Lisa Shulock, PEA Director of Commercial Programs. “C-PACE financing is helping developers and building owners reduce utility costs, create healthier and more resilient communities, while moving Philadelphia’s clean energy economy forward.”

Since launching in 2020, Philadelphia C-PACE has become one of the nation’s leading municipal C-PACE programs, facilitating $417 million in funds toward Philadelphia’s building and construction sectors, unlocking more than $1.6 billion of overall investment. 

“C-PACE financing continues to prove its value as a tool for unlocking meaningful cost savings and structuring creative capital solutions for developers in Philadelphia and across the U.S.,” said Mike Doty, Senior Director of Originations at Nuveen Green Capital. “We’re proud to partner once again with PEA and Riverwards Group on this $17.3 million C-PACE financing for a notable project. The competitive spread, combined with an innovative tranching structure, delivered a lower cost of capital for the sponsor without diluting equity. This closing is a great example of how C-PACE can meaningfully improve a sponsor’s cost of capital and optionality while driving sustainable construction. We look forward to continuing to deliver C-PACE financing for commercial real estate projects across Philadelphia.”

PEA, Nuveen, and Riverwards Group previously closed the first multifamily Philadelphia C-PACE deal. Riverwards Group received $18 million in funding for 2200 E. Somerset, a 220-unit apartment in Port Richmond.

“At Riverwards Group, our goal is to develop housing that creates long-term value for residents, neighborhoods, and the city,” said Mo Rushdy, Riverwards Group Managing Partner. “We’re excited to partner with Nuveen to invest in higher-performing building systems that reduce energy and water consumption without compromising the project’s financial viability.”

About Philadelphia Energy Authority

Philadelphia Energy Authority (PEA) is an independent municipal authority advancing projects and programs that deliver on the City of Philadelphia’s most urgent priorities—lower bills, stronger infrastructure, safer neighborhoods, and quality jobs. Since 2016, PEA has supported over $1.3 billion in investment, creating more than 11,000 jobs in Philadelphia and driving $2.4 billion in economic benefits across Pennsylvania. To learn more visit philaenergy.org. 

About Nuveen Green Capital

With over $5 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+ asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation’s first successful statewide C-PACE program, has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house. To learn more, visit: Nuveen.com/greencapital

The post Philadelphia Energy Authority, Nuveen Green Capital, Riverwards Group Close $17 Million C-PACE Deal for East Kensington Multifamily Development first appeared on Philadelphia Energy Authority.

Upgrades across 14 City-owned facilities will pay for themselves through future energy savings, while spurring clean energy jobs and improving quality of care at neighborhood health centers and homeless service facilities. The project is anticipated to reduce municipal carbon emissions by 9,300 metric tons of carbon dioxide equivalent (CO2e), roughly equal to 8% of the City’s greenhouse gas emissions. 

The Green Bond will be combined with an additional $4 million capital investment included in the City’s FY27 budget, resulting in a nearly $35 million investment in public infrastructure. Construction will begin in July to bring critical capital improvements and energy conservation measures to City Hall, the Municipal Services Building, One Parkway Building, and the Juanita Kidd Stout Center for Criminal Justice as well as 10 health and homeless service facilities. 

The Quadplex + Community Health Project was developed through collaboration between PEA and the City of Philadelphia Office of Sustainability, Department of Public Health, Office of Homeless Services, and Department of Public Property. 

“This project invests in the buildings Philadelphians rely on every day, and uses climate action to also improve comfort, efficiency, cost and quality,” said Emily Schapira, President and CEO of the Philadelphia Energy Authority. “These upgrades across 14 City facilities will reduce energy use and greenhouse gas emissions for City government by 8%, while creating healthier spaces where residents receive healthcare, shelter, and other critical services.”

Pennsylvania’s Guaranteed Energy Savings Act (GESA) allows the City to pay for capital upgrades using future energy savings and operational savings. GESA projects bundle planning, design, construction and performance tracking all within one contract, enabling improvements on a more expedited schedule. 

“The Quadplex + Community Health Project is an example of an ongoing initiative that goes beyond helping the City reach its goal of carbon neutrality,” said Elizabeth Lankenau, Director of the Philadelphia Office of Sustainability. “It is saving energy and lowering costs while improving the quality of facilities where residents access critical services.”

The bond proceeds will finance a broad range of energy conservation measures from new heating, ventilation, and air conditioning (HVAC) systems to advanced building performance controls and other infrastructure system improvements.

“Healthier communities require integrated solutions,” said Deputy Managing Director Crystal Yates-Gale. “Upgraded heating and cooling systems improve indoor air quality, regulate temperatures more effectively, and create safer, healthier environments for both residents and staff. These are not simply operational upgrades — they directly impact health, safety, dignity, and quality of care.”

Project benefits include:

• More than $1.5 million in utility savings each year
• 300 estimated jobs, with at least 52% of work performed by local and diverse contractors
• Workforce development partnership with PEA’s Green Residential Construction Immersive Training (GRIT), placing up to 15 internships
• 9,300 metric tons of avoided carbon emissions annually

Construction is expected to be completed by late 2027. The project will be delivered through a Guaranteed Energy Savings Contract (GESC) between PEA and Johnson Controls, Inc., ensuring that energy savings support long-term value for residents while reducing municipal energy consumption and greenhouse gas emissions.

Upgrades are planned for the following buildings:

• The Quadplex (City Hall, One Parkway Building, Municipal Services Building, Juanita Kidd StoutCenter for Criminal Justice)
• Health Center #3
• Health Center #4
• Health Center #5
• Health Center #6
• Mattie L. Humphrey Health Center (Health Center #9)
• Health Center #10
• Strawberry Mansion Health Center
• Our Brother’s Place
• Stenton Family Manor
• Woodstock Family Center

The post PEA Closes $30 Million Green Bond, Funds Municipal Building and Healthcare Facility Upgrades first appeared on Philadelphia Energy Authority.

PHILADELPHIA – May 11, 2026  – Today, the Philadelphia Energy Authority (PEA) and Philadelphia Green Capital Corp. (PGCC), joined by City administration and state leaders, members of City Council, and former Council President Darrell Clarke, announced the 10-year results of the Philadelphia Energy Campaign, highlighting $2 billion of economic impact, more than 11,000 jobs created, and over $1.4 billion in energy savings for the City of Philadelphia and its residents.

Launched in 2016 in partnership with City of Philadelphia administration leadership and Philadelphia City Council, the Philadelphia Energy Campaign set ambitious goals: $1 billion of clean energy investments and up to 10,000 jobs by 2026, benefiting neighborhoods across Philadelphia. Results of a new study show the Campaign catalyzed $1.3 billion of economic investment, surpassing the investment target by 30 percent while exceeding the jobs goal.

The 10-year economic impact report produced by Econsult Solutions, Inc. (ESI) demonstrates how strategic investment in clean energy drives economic growth, reducing costs for individuals, local institutions, and municipal government, while delivering meaningful benefits for residents, businesses, and taxpayers.

“Our city’s clean energy is delivering cost savings – and jobs – to the benefit of Philadelphia residents and local businesses, which are top priorities for our administration,” said Mayor Cherelle L. Parker. “Our partnership with the Philadelphia Energy Authority has not only helped us get closer to a Safer, Cleaner and Greener city, but the positive economic indicators are off the charts. I am thankful to the many City departments that have worked collaboratively with PEA to help generate these impressive results.” 

“The Philadelphia Energy Campaign demonstrates that clean energy is an economic development strategy, a cost-saving strategy, and a public health strategy all in one,” said Philadelphia City Council President Kenyatta Johnson. “Results of the Philadelphia Energy Campaign signal what’s possible through collaboration, as clean energy touches every part of how our city functions. And by investing in workforce development, we are ensuring our residents can access these emerging opportunities, whether through jobs in the growing clean energy economy or related construction trades.”

With $14.7 million in City allocations over 10 years, PEA helped unlock over $1.3 billion in total investment – an extraordinary return of approximately 90 times the public dollars committed, underscoring PEA’s role as a responsible steward of public resources.

“The Philadelphia Energy Campaign shows what is possible when public investment is used to drive economic growth, create jobs and lower costs for residents,” said State Representative Jordan A. Harris, Majority Chairman of the House Appropriations Committee. “This work has helped generate more than $1.3 billion in investment, create more than 11,000 jobs and deliver real energy savings for Philadelphia. Just as importantly, the next phase will modernize public buildings, including health centers and homeless services facilities, so the people who live, work and receive services in these spaces are in safer, healthier and more comfortable environments.”

“Over the last ten years, the Philadelphia Energy Campaign exceeded every goal we set, and we redefined what’s possible when vision meets action,” said Emily Schapira, CEO of the Philadelphia Energy Authority. “With collaboration across government, schools, utilities, service organizations and industry, this initiative demonstrates clean energy crosses all sectors and all parts of our lives. Clean energy is not just one solution; it’s everything: jobs for people, revenue for the city, and healthier, more resilient communities.”

The Campaign generated significant new revenue for the City of Philadelphia and the Commonwealth of Pennsylvania. Over ten years, clean energy investments helped produce more than $25 million in tax revenue for Philadelphia and over $50 million statewide, funding that supports essential services, infrastructure, and community priorities.

Overall economic activity generated by the Philadelphia Energy Campaign includes:

• $2 billion in economic output in Philadelphia, supporting 11,415 jobs, $698.1 million in employee compensation, and $25.3 million in tax revenue; 
• $2.4 billion statewide, supporting 12,855 full-time equivalent jobs and $801.4 million in employee compensation as well as $50.1 million in tax revenue; and 
• A resulting $73.6 million in combined tax revenue for the City and Commonwealth.

PEA programs modernize the region’s energy infrastructure. Clean energy projects have delivered over $1.4 billion in savings, while helping to cut municipal carbon emissions by nearly half, improving health and safety for those living and working across Philadelphia. The result is a ripple effect: savings generated by these programs are reinvested into local economies, the jobs created help to sustain our communities, and the improved infrastructure enhances public safety, health, and quality of life. 

Continuing this momentum, PEA and the City of Philadelphia are next retrofitting 14 major municipal buildings — among the City’s largest energy users — including City Hall, the Municipal Services Building, One Parkway Building, and the Criminal Justice Center. The project involves collaboration between PEA, the Office of Sustainability, Office of Homeless Services, Department of Public Health, and Department of Public Property. 

This Quadplex + Community Health project will deploy energy efficiency improvements throughout the City’s four large downtown buildings, seven health centers, and three homeless services centers, resulting in greater comfort and quality of care for residents, and long-lasting, more affordable, healthy City infrastructure.

“Through the Philadelphia Energy Campaign, the City is investing in clean energy and advancing ambitious energy goals that deliver a trifecta of environmental, quality of life, and economic improvements,” said Elizabeth Lankenau, Director of the Philadelphia Office of Sustainability. “The Quadplex + Community Health project is an example of an ongoing initiative that goes beyond helping the City reach its goal of carbon neutrality; it is saving energy and lowering costs, while improving the quality of facilities where residents access critical services.”

Read the full report to learn more about the transformative Philadelphia Energy Campaign and what it means for Philadelphia’s future.

The post Turning $14.7 Million into $1.3 Billion: Philadelphia Energy Campaign Surpasses Goals, Collaborates with City to Grow Local Clean Energy Economy first appeared on Philadelphia Energy Authority.

More than 60,000 low-income Philadelphians live in homes with critical health and safety issues – from failing roofs and major water damage to broken heating systems. For too many households, these problems eventually force them out of the homes they or their families have owned for generations.

Green & Healthy Homes Initiative’s report found that Built to Last provides a comprehensive approach to these conditions, helping stabilize hundreds of lives. During the program’s first three years, Built to Last delivered coordinated health and safety repairs along with clean energy upgrades to more than 400 of Philadelphia’s low-income homeowners.

Read the Report

Watch the Webinar

Support Built to Last

Key Findings

• Low-income Philadelphia homeowners are keeping $300-$1,000 in their pockets per year – and their biggest investment in their possession – because of Built to Last. 
• Prior to repairs, a majority of participating households faced serious health and safety risks, including structural deficiencies (54%) and exposure to environmental hazards such as lead, asbestos, and mold (24%).
• After repairs, participants reported improved indoor air quality, fewer safety hazards, and greater overall comfort. The evaluation recorded high levels of participant satisfaction, with 84% recommending the program.
• For every $100 of Built to Last funding, the program brings in another $61 in partner program investments to provide a whole-home intervention. The average partner program investment is more than $15,000 per home.
• Built to Last interventions are coordinated across up to 10 siloed programs, integrating nearly $14 million from philanthropic and intergovernmental sources raised by PEA and our green bank affiliate, the Philadelphia Green Capital Corp.

With expanded funding, Built to Last can meet the goal of preserving 10,000 homes by 2032.

Built to Last is energy that moves Philadelphia forward. Support us

The post Built to Last Evaluation Highlights Philadelphia’s Progress Preserving Affordable Housing first appeared on Philadelphia Energy Authority.

The Philadelphia Energy Authority, Nuveen Green Capital, and Brandywine Realty Trust have reached agreement on $87.3 million in Philadelphia Commercial Property Assessed Clean Energy (C-PACE) financing for 3151 Market Street in Schuylkill Yards, the latest addition to West Philadelphia’s life sciences and mixed-use development hub. The transaction represents the largest C-PACE financing in Pennsylvania’s history and among the largest for a publicly traded real estate investment trust (REIT). This milestone demonstrates C-PACE’s flexibility in working with diverse financing partners and its ability to provide innovative capital structures for various projects.

C-PACE financing positions Brandywine Realty Trust to continue executing its vision for Schuylkill Yards, a 14-acre mixed-use, transit-oriented development located in University City. 3151 Market is a recently completed 494,530-square-foot, 12-story lab and office building designed for flexibility, sustainability and high-performance use. Refinancing the project enables Brandywine to preserve conventional debt capacity at this LEED® Platinum building (certification pending).

“This record-setting $87-million deal is noteworthy not only for its size. As the first C-PACE financing for a real estate investment trust, this project affirms that Philadelphia’s C-PACE program is resonating with institutional owners as well as private investors,” said Lisa Shulock, PEA Director of Commercial Programs. “Retroactive financing for 3151 Market reflects growing confidence in C-PACE as a flexible capital solution and signals its expanding role in today’s commercial real estate market.”

Completed and ready for occupancy, 3151 Market is designed with sustainability at its core, featuring state-of-the-art lab and office space, premier amenities, and a prime location at the center of Philadelphia’s flourishing life science and tech ecosystem.

“C-PACE provided the right financing at the right time for 3151 Market,” said Tom Wirth, Chief Financial Officer, Brandywine Realty Trust. “Working with the Philadelphia Energy Authority affirmed our continued investment in West Philadelphia at Schuylkill Yards, and we’re pleased with how this partnership with Nuveen can help our future tenants make the most of this LEED Platinum-certified building.”

“The Philadelphia C-PACE financing for Schuylkill Yards supports the City’s sustainability and economic development goals,” said Karen Fegely, Acting Commerce Director, City of Philadelphia. “This investment affirms our shared commitment to growing Philadelphia as a world-class hub for growth industries, especially our life sciences and biotechnology sectors.”

“We were thrilled to partner with Brandywine Realty Trust on this innovative property, which will continue building momentum in this Philadelphia neighborhood while catalyzing life sciences development in the city,” said Mike Doty, Senior Director of Originations at Nuveen Green Capital. “By utilizing C-PACE to recapitalize the project post-completion, the sponsor will preserve liquidity while supporting sustainable building development.”

C-PACE-financed sustainability measures include upgrades to the building envelope, lighting and HVAC systems, and water conservation measures.

Managed by PEA, the Philadelphia C-PACE program provides commercial, industrial and multifamily property owners and developers access to long-term, fixed-rate financing for energy efficiency, renewable energy, water conservation, indoor air quality, and resiliency projects. 

Interested in learning more about C-PACE? Contact us at cpace@philaenergy.org

The post Nuveen Green Capital and Brandywine Realty Trust Close Largest C-PACE Financing in Pennsylvania History first appeared on Philadelphia Energy Authority.

• Learn more: 2024-2025 Philadelphia C-PACE Program Report

More property owners are turning to Philadelphia C-PACE than ever before. The program has supported a range of commercial, industrial, healthcare, and mixed-use multifamily developments. Over the past two years, the program has delivered 411 new rental units to Philadelphia’s housing market. Several projects involve repeat borrowers, underscoring growing confidence in the program and its ability to deliver value across project types.

“Record levels of C-PACE financing are strengthening the resilience and sustainability of high-performance buildings across the city,” said Lisa Shulock, Director of Commercial Programs. “Continued program growth reflects rising demand from property owners seeking flexible, low-cost capital to improve building performance, reduce operating costs, and lower carbon emissions.”

C-PACE financing enables property owners and developers to fund energy efficiency, water conservation, renewable energy, resiliency, and indoor air quality improvements. By deploying private capital, the program helps borrowers lower their occupants’ utility bills, improve health and safety, and future-proof their buildings.

“With the support of this business-friendly lending program, we were able to invest in energy-efficient infrastructure which would not be possible with traditional bank lending,” said Mike Rhoads, Vice President, Rhoads Industries.

2025 Project Highlights

The Philadelphia C-PACE Program closed financing on a diverse set of high-impact projects this year, including:

• Harper Square Tower – The largest C-PACE transaction in Pennsylvania to date, this $60-million project demonstrates how C-PACE can support large-scale development while advancing energy performance and long-term affordability.
• Ford Road Medical Center – An $11 million C-PACE investment enabled critical energy and building system upgrades at this medical facility, improving efficiency and resiliency.
• 7078 Lincoln Drive – In November, the Philadelphia Energy Authority, PACE Equity, and Lincoln 7078 LLC closed on $1.1 million in C-PACE financing for a new construction multifamily property. The five-story, 39,000-square-foot, mixed-use building will incorporate energy efficiency and water conservation measures, exceeding Philadelphia building code requirements by 23 percent. 

Program Updates

In response to evolving market conditions and to ensure continual program improvement, the Philadelphia C-PACE Program released updated Program Guidelines in 2025. A key change expands refinancing eligibility, allowing property owners to apply for retroactive C-PACE financing up to three years after project completion, extending the previous two-year window and providing greater flexibility for completed projects.

The Philadelphia C-PACE Program remains a critical tool for unlocking private capital, strengthening building performance, and supporting new housing and economic development across the city. 

Reach out to see if C-PACE financing is right for your project: CPACE@philaenergy.org.

The post Philadelphia C-PACE Program Closes $312 Million in Financing first appeared on Philadelphia Energy Authority.

Once complete, Abes Run Solar will supply an estimated 5 percent of municipal electricity use – equivalent to six times City Hall’s annual electricity use. The PPA will supply the city with 20 years of electricity at a fixed rate.

The Philadelphia Energy Authority (PEA) holds the contract with Pittsburgh-based Oriden Power, a Mitsubishi Power Americas Company. The project locks in savings while making progress toward the goal of powering City operations with 100-percent clean and renewable electricity.

Power generated from the 92-acre project site in Clearfield County, Pa. will feed into the regional grid, offsetting higher-cost energy supplies and qualifying the City of Philadelphia to receive renewable energy credits through Pennsylvania’s Alternative Energy Portfolio Standard.

“My administration is committed to progress that delivers cleaner air, lower costs, and a more resilient future. With projects like Abes Run Solar, the City of Philadelphia is leading by example,” said Mayor Cherelle L. Parker. “Abes Run Solar is proof that large cities like Philadelphia can achieve our sustainability and fiscal responsibility objectives. We get affordable, zero-carbon electricity for decades to come. We create good-paying jobs. And we make our city cleaner, greener, and more sustainable.”

The project will be the City’s second utility-scale PPA, building upon the success of Adams Solar, a 70-MW facility that finished construction in 2024. Added together, the projects supply renewable energy that accounts for roughly 30 percent of municipal electricity needs.

Abes Run Solar is part of a multi-year sustainable operations strategy, laid out in the Municipal Energy Master Plan. By 2030, the City plans to achieve a 50-percent reduction in built environment carbon emissions and 20-percent reduction in building-sector energy use – on top of the goal of sourcing 100-percent renewable electricity – all while reducing or maintaining City operating costs.

“This project meets all our goals: delivering 20-Megawatts of clean and green energy for the city, bringing us closer to our goal of 100 percent zero-carbon renewable electricity, while providing a fixed-rate price hedge for 20 years,” said Elizabeth Lankenau, Director of the Philadelphia Office of Sustainability. “The agreed-upon price guarantee locks in affordable, zero-carbon electricity supplies and, with it, much-needed budget stability.”

The Office of Sustainability modeled future energy prices, reaching agreement on a pricing structure that delivers competitive electricity supplies at a time when growing energy consumption is forecast to drive up prices and carbon emissions across the region.

“As utility prices continue to rise, the City’s leadership on clean energy is common sense,” said Emily Schapira, CEO of the Philadelphia Energy Authority. “Solar power provides long-term financial and environmental benefits for Philadelphia. We continue to support the City to leverage all tools at our disposal to manage costs, plan for the future, and protect Philadelphians.”

“The City of Philadelphia’s investment in solar shows great leadership and ensures its energy generation needs are met sustainably and affordably. Oriden values the City of Philadelphia’s collaboration and we will execute with a focus on exceptional quality,” said Michael Berlin, COO of Oriden. “As a Pennsylvania-based developer, we take pride in our ability to leverage local partnerships within the Commonwealth. Supplying my childhood hometown with clean, affordable electricity is an added bonus.”

About the City’s Office of Sustainability
The Office of Sustainability (OOS) works with partners around the city to improve quality of life in all Philadelphia neighborhoods, through addressing environmental justice, reducing the city’s carbon emissions, and preparing Philadelphia for a hotter and wetter future. The Division of Energy & Climate Solutions, housed within OOS, is responsible for managing the municipal energy portfolio and its contribution towards carbon reductions. For more information, please visit phila.gov/sustainability.

About the Philadelphia Energy Authority
The Philadelphia Energy Authority (PEA) is an independent municipal authority building a robust, equitable clean energy economy for Philadelphia. PEA runs the Philadelphia Energy Campaign, a $1 billion, 10-year investment in energy efficiency and clean energy projects to create 10,000 jobs. PEA has supported over $1 billion in projects and created over 8,400 jobs so far. Learn more at www.philaenergy.org.###

The post Philadelphia Reaches for the Sun, Finalizes Agreement for City’s Second Utility-Scale Solar Project first appeared on Philadelphia Energy Authority.

Pearl Properties has received $60 million in C-PACE financing for construction of Harper Square, a 362,000-square-foot multifamily tower overlooking Rittenhouse Square. Once constructed, the 500-foot-tall, 45-story skyscraper will stand as the city’s tallest apartment building. 

The deal will fund multiple energy efficiency measures, including energy-recovery systems and a building automation system. Overall, Harper Square will use 36-percent less energy than required by the City’s building energy code.

“The historic size of the Harper Square deal signals a new level of market confidence in C-PACE,” said PEA Director of Commercial Programs Lisa Shulock. “Commercial real estate developers and institutional investors now recognize C-PACE as a stable, scalable financing mechanism that complements traditional capital stacks, all while advancing energy efficiency and sustainability goals.”

C-PACE is providing more than one third of the luxury building’s $173 million in construction funds. Investment management firm Barings financed the remaining $113 million.

“Pearl Properties has been proud to shape the fabric of Center City through luxury developments that stand the test of time,” said Jim Pearlstein, President of Pearl Properties.

“This project is not only a milestone for our company but a landmark for the city — a new icon that reflects the strength and vitality of Philadelphia’s Rittenhouse Square community,” added Reed Slogoff, Pearl Properties Principal.

“Successful closing of Harper Square reflects strong collaboration between CounterpointeSRE, Barings, the Philadelphia Energy Authority, and Pearl Properties,” said Eric Alini, CEO of CounterpointeSRE. “By providing full-stack C-PACE and mortgage financing, CounterpointeSRE and Barings streamlined the underwriting process, reduced the weighted cost of capital, and accelerated the project’s funding timeline.” 

Managed by PEA, the Philadelphia C-PACE program provides commercial, industrial and multifamily property owners and developers access to long-term, fixed-rate financing for energy efficiency, renewable energy, water conservation, indoor air quality, and resiliency projects. 

Interested in learning more about C-PACE? Contact us at cpace@philaenergy.org or join the next C-PACE Open Meeting on December 11. Register here.

The post PEA and CounterpointeSRE Close Financing for Harper Square Tower, Pennsylvania’s Largest C-PACE Project to Date first appeared on Philadelphia Energy Authority.

Contact:
Ben Block
Senior Manager Communications
Philadelphia Energy Authority
(215)688-5134
Media@philaenergy.org

PHILADELPHIA – Today, City officials and the Philadelphia Energy Authority (PEA) celebrated the achievements of the Philly Streetlight Improvement Project (PSIP) and shared trick-or-treating safety information at the John M. Patterson School in Southwest Philadelphia. 

PSIP is a collaboration between the City of Philadelphia’s Streets Department and Office of Sustainability, partnering with PEA. Working together, the team extensively researched, tested, and planned every detail of this comprehensive infrastructure upgrade. Since construction started in 2023, the project has upgraded 130,000 streetlights with newer, energy efficient, brighter, longer-lasting LEDs – in two years and on budget. 

“I am thrilled to announce that Philadelphia has achieved our goal of replacing every neighborhood streetlight,” said Mayor Cherelle L. Parker. “This was a bold project, and it clearly demonstrates how cost-effective, citywide infrastructure investments improve quality of life, making the city safer for all.” 

PSIP is among the first large-scale municipal streetlight replacement projects to track and demonstrate measurable safety benefits. A study conducted by the University of Pennsylvania Crime and Justice Policy Lab showed streetlight upgrades in areas identified in the 57+ Block Initiative, or corridors in the top 10 percent of nighttime crime, saw a 21-percent reduction in outdoor nighttime gun violence. Additionally, there was a 16-percent decrease in property crimes, and 10-percent drop in total outdoor street crimes. 

“Across the city, residents are noticing fewer outages and brighter lights, and the benefits of The Philly Streetlight Improvement Project can be seen anywhere you go,” said Philadelphia City Council President Kenyatta Johnson (Second District). “Neighborhoods affected by gun violence were among the first to receive new streetlights. Brighter streetlighting citywide has improved perceptions of safety and neighborhood vitality, demonstrating the City of Philadelphia and City Council’s commitment to improving quality of life in every neighborhood.”  

PSIP aligns with the City’s Vision Zero goal of eliminating fatal traffic crashes. Severe crashes occur more often at night when there is reduced visibility. Improved roadway lighting helps everyone look out for one another, whether they are walking, biking, taking transit, or driving. 

“I am thrilled to be here with the team that made this citywide infrastructure upgrade possible. This is how interagency collaboration improves quality of life, not just for one neighborhood, but every neighborhood across Philadelphia.” said Kristin Del Rossi, Commissioner, Philadelphia Department of Streets. “Now it is the Streets Department’s responsibility to maintain this new infrastructure. Our Streetlighting Division staff will ensure our city continues to benefit from this investment for years to come.” 

The Office of Clean and Green and the Future Track Program were instrumental in clearing narrow alleyways in neighborhoods across Philadelphia. This work allowed for the repair and upgrade of previously hard to reach streetlights. Cleaner and better-lit back alleys and roadways now help deter crime and illegal dumping. 

“The work of the Philly Streetlight Improvement Project complements the city’s safer, cleaner, and greener initiatives. While the ongoing work to keep the city cleaner and greener continues – thanks to our LED streetlights – our streets are brighter,” said Carlton Williams, Director, Office of Clean and Green. “Well-lit streets and alleys are a key component to creating safer communities.”  

The project was financed with a $91.2 million bond and will pay for itself through $8 million in annual energy and operational savings. The Guaranteed Energy Savings Act project will reduce municipal carbon emissions by nearly 10 percent, more than any other energy efficiency project, making it a key strategy in the City’s Municipal Energy Master Plan. 

“This Halloween, brighter streetlights mean safer streets for every trick-or-treater in Philadelphia,” said Emily Schapira, PEA President and CEO. “At a time when rising energy prices affect us all, LED streetlights will help protect taxpayers for decades to come, slashing the City’s electricity use in half.” 

“People often think sustainability initiatives create trade-offs between economic and environmental benefits. Our new streetlights prove we can create economic opportunity for residents and save taxpayer dollars, while also improving safety, quality of life, and energy efficiency in our city,” said Liz Lankenau, Director, Office of Sustainability. “We look forward to pursuing more ambitious energy projects that further our climate goals while creating tangible benefits for residents.” 

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The post City of Philadelphia and PEA Celebrate Completion of Citywide Streetlighting Upgrade first appeared on Philadelphia Energy Authority.

Nominations Close: Wednesday, October 29, 2025 at 5pm

General Statement

The Philadelphia Green Capital Corp. (PGCC) is currently seeking nominees to its Board of Directors and its Loan Committee. Selected nominees will be referred to PGCC’s Executive Director and Nominations Committee. 

If selected to PGCC’s Board of Directors, members are requested to serve three-year terms. If selected to PGCC’s Loan Committee, members are requested to serve three-year terms.

Individuals may be nominated for a position on both the Board of Directors and the Loan Committee.

About PGCC

Formed in 2021, Philadelphia Green Capital Corp. (PGCC) is a Pennsylvania nonprofit corporation that is qualified as a 501(c)(3) charitable organization to make and facilitate grants and program-related investments for environmental action. PGCC is an affiliate of the Philadelphia Energy Authority (PEA). As a green bank in Southeast Pennsylvania, PGCC’s mission is to connect projects to capital to drive a robust, equitable, clean energy market in the region, support PEA, and respond to the local challenges of climate change. 

PGCC uses proven green bank tools to unlock capital for clean energy projects, to scale and amplify PEA’s current work, and to bring new financial products to the Southeastern Pennsylvania region’s clean energy economy and beyond. In 2016, PEA launched the Philadelphia Energy Campaign, a $1 billion, 10-year investment in energy efficiency and clean energy projects to create 10,000 jobs. PEA and PGCC have helped launch over $1 billion in projects and created over 8,400 jobs to date.

With low-cost loan capital via a partnership with the Coalition for Green Capital (CGC), PGCC is now launching loan programs to provide debt funding for clean energy projects in Pennsylvania and seeks additional Board and Loan Committee members to support this work. 

About PGCC’s Programs

As the green bank affiliate of the Philadelphia Energy Authority, PGCC supports PEA’s programs, including Built to Last and Solarize Greater Philadelphia, to ensure that Low-to-Moderate Income (LMI) households benefit from clean energy initiatives. 

Built to Last: The Built to Last Program (BTL) operated by PEA and PGCC seeks to improve the condition of an aging housing stock throughout Philadelphia. BTL serves single-family owner-occupied homes where the occupant households earn 60% of area median income and below. The focus of the repairs includes:

• Habitability – to reduce risks of fire, structural failure, water damage, and excessive heat and cold exposure,
• Health – to reduce risks associated with trip and fall hazards, mold, lead, and other environmental hazards,
• Accessibility – to help people with mobility challenges live with safety and dignity, and
• Energy Efficiency – to improve affordability, resilience, and reduce carbon emissions.

Low Income Solar Support: Through an innovative financing model, PGCC subsidizes the costs of a solar lease for LMI Solarize program participants. To support this work, PGCC operates a solar renewable energy certificate (SREC) revolving fund. Additionally, PGCC partners with Capital Good Fund, a national Community Development Financial Institution (CDFI), on their Pennsylvania BRIGHT program, which makes solar accessible to more families in PA. Through CGF’s financing model and PGCC’s credit enhancements, eligible homeowners can install solar through an affordable solar lease product at no upfront cost.  Additionally, PGCC supports PEA’s commercial programs, such as GET Solar, to connect schools, non-profits, and municipalities to capital for solar adoption. PGCC will formalize this work with forthcoming lending products. 

Lending Programs: PGCC’s financial focus from 2021-2025 has been supporting clean energy projects through credit enhancements, program fund distribution, and technical assistance. It has been the organization’s intention to establish loan programs, and in early 2025, PGCC secured low-cost loan capital from CGC to provide debt funding to clean energy projects in Pennsylvania. This initial lending capital comes from the National Clean Investment Fund (NCIF), a program under the Environmental Protection Agency (EPA)’s Greenhouse Gas Reduction Fund. The NCIF funds have been advanced to CGC under an agreement with the EPA and have further been advanced to PGCC as loans under an agreement between PGCC and CGC. While PGCC understands that there might be efforts to claw these funds back, we are not on notice of any action. However, PGCC is seeking non-federal sources of funding for activities under similar program criteria.

About PGCC’s Board of Directors

PGCC’s Board currently has eight members serving staggered three-year terms. Members are appointed by the Philadelphia Energy Authority. PGCC is looking to add up to three members. Board members meet quarterly, including at an annual meeting during which officers are elected. Board officers include Chair, Vice Chair, Secretary, and Treasurer. All members serve on one or more of the Board’s four committees: Executive Committee (meets as determined by the President), Audit and Finance Committee (meets at least three times per year), Nominating Committee (meets at least once per year), or Loan Committee (tentatively quarterly/ as needed). 

The Board may meet between quarterly meetings, as appropriate, for technical or strategy briefings, or convene ad hoc meetings in order to make timely decisions as a governing body.

PGCC’s Board provides strategic insight and support, approves major contracts and budgets, ensures appropriate oversight of procurement, governance, financial systems and practices, and personnel issues, and provides technical expertise on policy and project topics. Directors do not receive compensation for their services on the Board of Directors.

More information can be found on PGCC here, and about our current Board of Directors here.

Board of Directors: Time Commitment and Expectations

• Attend meetings consistently and come prepared to discuss agenda items.
• Review materials in advance, with the expectation of committing 5-10 hours a quarter to PGCC business, depending on Committee involvement.
• Contribute local, lived, and/or professional expertise.
• Respect differing perspectives and uphold the values of equity, transparency, and collaboration.
• Disclose any potential conflicts of interest when relevant.

Board Selection Criteria

Candidates for nomination to the Board will be evaluated by PGCC’s Executive Director and the President of the Board of Directors, and referred to PGCC’s Nominating Committee that will  make final recommendations to PEA. All or some of the following selection criteria may be utilized:

• Demonstrated interest and experience in energy, utilities, energy efficiency, renewable energy, energy contracting and/or advanced clean energy technologies and applications
• Demonstrated interest and lived or professional experience in public policy issues related to the work of the organization and PGCC’s mission
• Knowledge and expertise in the financial structuring of clean energy projects
• Knowledge and expertise about emerging clean energy market opportunities
• Board experience, including committee leadership and officer roles
• Technical expertise in the energy industry and/or expertise in fundraising, federal funding, or government operations

About PGCC’s Loan Committee

PGCC’s Loan Committee will be made up of at least five members, two of whom are members of the PGCC Board of Directors. Each member serves a three-year term. The committee is headed by a committee chair, a position reserved for PGCC Board members with strong lending or credit experience.

The Committee members meet on a schedule determined by the Loan Committee and the Executive Director.  The Committee may have approval authority on new financing programs, new investment opportunities, modifications and write-offs to existing loans, and asset sales, as applicable.  

Loan Committee Selection Criteria

Candidates for nomination to the Committee will be evaluated by PGCC’s Executive Director and the President of the Board of Directors and referred to and evaluated by PGCC’s Nominating Committee. All or some of the following selection criteria may be utilized:

• Demonstrated interest and experience in energy, utilities, energy efficiency, renewable energy, energy contracting and/or advanced clean energy technologies and applications
• Knowledge and expertise in lending, finance, accounting, risk management
• Knowledge and expertise about public policy issues supportive of PGCC’s mission
• Board experience, including committee leadership and officer roles
• Technical expertise in the energy industry and/or expertise in fundraising, federal funding, or government operations
• Technical expertise in evaluating loan applications, credit risk analysis, and understanding lending policies
• Preferred: Experience underwriting or developing clean energy or affordable housing projects, particularly those involving complex capital stacks

Loan Committee: Time Commitment and Expectations

• Attend Loan Committee meetings consistently and come prepared to discuss agenda items.
• Review materials in advance, with the expectation of committing approximately 5 hours a month to Loan Committee business, though meeting times will vary based on deal flow.
• Contribute local, lived, and/or professional expertise.
• Respect differing perspectives and uphold the values of equity, transparency, and collaboration.
• Disclose any potential conflicts of interest when relevant.

PGCC Board of Directors and Loan Committee Nomination Process

To nominate someone (including oneself) for PGCC’s Board of Directors and/or PGCC’s loan committee, please submit a letter of interest and resume to info@phillygreencapital.org with the subject line “PGCC [Board of Directors and/or Loan Committee] Nomination – [YOUR NAME]”. Nominations must be sent by Wednesday, October 29, 2025 at 5pm. Phone calls will not be accepted. 

The Executive Director and relevant committee members may request additional information and will schedule interviews as appropriate.

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The post The Philadelphia Green Capital Corp. is Seeking Nominations for its Board of Directors and its Loan Committee first appeared on Philadelphia Energy Authority.