Petros PACE Finance buys solar financier Demeter

US clean energy financier Petros PACE Finance LLC has acquired Demeter Power Group Inc along with its solar financing structure dedicated to the commercial & industrial (C&I) sector.

Texas-based Petros said in a statement on Tuesday that it has bought Demeter as part of its long-term growth strategy that involves expanding its clean energy finance offerings. The acquired firm has developed a commercial property-assessed clean energy (C-PACE) financing structure relying on programmes that tie long-term payments for energy efficiency projects to a property via a non-ad valorem property tax assessment. It uses favourable tax attributes to further reduce the cost of capital to projects, the buyer explained.

"As C-PACE financing is becoming more mainstream and projects becoming larger and more complex, our clients are asking us for solutions to address all of their growing, clean energy finance needs,” stated Petros' CEO and co-founder, Mansoor Ghori.

Demeter Power Group co-founder, Michael Wallander, has now become the senior vice president of solar financing for Petros’ newly-formed renewables finance affiliate -- Petros Energy Solutions.

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