Case Study: CleanFund provides $3.4MM in C-PACE for solar and reflective roofing to the Guittard Chocolate Company
Founded in 1868, the owners of American-based Guittard Chocolate Company have been perfecting their craft for over 150 years, making Guittard the oldest continuously family-owned chocolate company in the United States. Guittard maintains its commitment to sustainability and social responsibility through supporting sustainable cocoa farming and local community organizations.
Guittard Chocolate Company
C-PACE Financing: $3,400,000
Term: 30 years
Funding for: 1,500 kW solar system and reflective roofing
The 291,000 sq ft Fairfield building is Guittard's second facility and serves as its warehousing and distribution plant. The roof needed to be replaced on the Fairfield facility but also needed to preserve capital to upgrade the facility's equipment to optimize operations. With cash reserves tied up in the core business initiatives and conventional bank financing unavailable, the Guittard Chocolate Company needed an advantageous financing solution.
With $3.4MM in CleanFund C-PACE financing available immediately, the owners were not only able to make the routine roof replacement but were also able to capitalize on the facility's massive open roof space by investing in a 1,500-kW rooftop solar system and reflective roofing upgrades. With the C-PACE financing payments below the facility's utility bills, CleanFund was able to deliver a financing package that was cash flow positive immediately.
The Fairfield location now acts as the company's key distribution, packaging, and manufacturing facility and the project is cash-positive on utility expenses. On top of that, the company benefited from tax incentives on their solar investment, all-in-all making this a pretty sweet C-PACE deal.