Stanislaus County has approved an extension of its Commercial Property Assessed Clean Energy (C-PACE) program, potentially unlocking $130 million in financing for renewable energy infrastructure projects by Aemetis, a renewable fuels company based in Cupertino, California.
The county's unanimous decision to participate in the California Enterprise Development Authority creates a novel financing pathway for Aemetis to fund critical sustainable energy initiatives. By leveraging municipal bonds that are free of state taxes, the program offers extended 30-year financing terms and unique repayment structures through property tax assessments.
Aemetis plans to apply the C-PACE financing to several key projects, including a mechanical vapor recompression system at its Keyes plant, expansion of dairy renewable natural gas production, and the planned Riverbank Sustainable Aviation Fuel facility. Additionally, the program will enable refinancing of recently completed renewable energy infrastructure, such as the Keyes solar generation system and renewable natural gas upgrading hub.
The financing mechanism represents a significant advancement in renewable energy project development, providing companies like Aemetis with more flexible and long-term capital access. By reducing financial barriers to sustainable infrastructure, the C-PACE program could accelerate the transition to low-carbon energy solutions in California's agricultural regions.
CEO Eric McAfee emphasized the importance of the county's support, noting that the program provides a new capital source for business growth and sustainable energy development. The initiative aligns with broader state and regional goals of reducing greenhouse gas emissions and promoting renewable energy infrastructure.
This financing approach could serve as a model for other counties seeking to support private sector renewable energy investments, potentially catalyzing similar programs across California and beyond. By creating more accessible funding mechanisms, local governments can play a crucial role in supporting the rapid development of sustainable energy technologies.
