Renewable energy company Aemetis has gained approval for a $130 million funding initiative through Stanislaus County's expanded Commercial Property Assessed Clean Energy (C-PACE) program. The county's Board of Supervisors unanimously approved the extension, providing Aemetis with a novel financing mechanism for critical green infrastructure projects.
The C-PACE program allows private companies to finance energy efficiency upgrades and renewable energy facilities through municipal bonds, offering extended 30-year terms and unique repayment structures via property tax bills. This approach provides enhanced financial protections and liquidity for lenders, making large-scale sustainable infrastructure investments more attractive.
Aemetis plans to leverage the funding for multiple significant projects, including a mechanical vapor recompression system at its Keyes plant, expanding dairy renewable natural gas production, and developing a sustainable aviation fuel facility in Riverbank. The company will also refinance its recently completed solar generation system and renewable natural gas upgrading hub.
By utilizing the C-PACE program, Aemetis demonstrates an innovative approach to financing green technology infrastructure. The funding mechanism could serve as a model for other companies seeking to invest in renewable energy and energy efficiency projects with long-term financial strategies.
