Sausalito-based CleanFund just secured the largest-ever commercial property PACE financing of $10M for Pacific Ethanol. The producer and marketer of low-carbon renewable fuels will purchase and install a five-megawatt solar photovoltaic power system at its Madera biorefinery, which produces ethanol, wet distiller grains and corn oil.

Pacific Ethanol will have the first commercial solar system at a US ethanol plant, according to Pacific Ethanol president and CEO Neil Koeler. The solar PV system will be at full capacity in early 2018 and provide over $1M in annual operating cost savings.

The project is financed through CleanFund using Property Assessed Clean Energy, a financing framework in 33 states and Washington, DC, that allows property owners to repay investments for building upgrades and new construction on their property taxes.