Stanislaus County has taken a significant step toward supporting renewable energy infrastructure by unanimously approving an expansion of its Commercial Property Assessed Clean Energy (C-PACE) program. The county’s Board of Supervisors voted to participate in the California Enterprise Development Authority, creating a pathway for Aemetis to secure approximately $130 million in funding for multiple sustainable energy projects.
The C-PACE program allows private companies to finance energy efficiency upgrades and renewable energy facilities through state municipal bonds that are exempt from state taxes. These bonds offer unique advantages, including 30-year terms and repayment through property tax bills, which provide enhanced protections and liquidity for lenders.
Eric McAfee, chairman and CEO of Aemetis, emphasized the importance of the county’s support, noting that the program will help fund critical energy projects. The planned initiatives include a mechanical vapor recompression system at the Keyes plant, expansion of dairy renewable natural gas production, and the development of a Riverbank Sustainable Aviation Fuel plant.
Additionally, the program will facilitate refinancing of the recently completed Keyes solar generation system and renewable natural gas upgrading hub. These projects align with Aemetis’s broader mission of developing innovative technologies that reduce greenhouse gas emissions and replace petroleum-based products.
The county’s decision represents a significant advancement in supporting sustainable infrastructure development, providing Aemetis with a flexible and long-term financing mechanism for its renewable energy portfolio. By leveraging the C-PACE program, the company can accelerate its transition to low-carbon technologies while benefiting from favorable financial terms.
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