Lionsgate Studios Newark Secures $101M C-PACE Loan for Renewable Initiatives
Lionsgate Studios Newark has obtained a record $101 million C-PACE loan, the largest in New Jersey, to fund energy-efficient projects. This financing will support the installation of solar power, electric vehicle charging stations, and enhancements to energy efficiency in the upcoming 270,000 square foot facility.
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Lionsgate Studios Newark has secured a $101 million loan through the C-PACE program, marking the largest transaction of its kind in New Jersey. The funding will facilitate the installation of a 1.1 megawatt solar power system and seven electric vehicle charging stations, aiming to enhance energy efficiency and reduce utility costs.
The construction of the studio, spanning 270,000 square feet, is anticipated to conclude by 2027. This investment aligns with state goals to manage rising energy costs and promote clean energy usage. The C-PACE program allows property owners to finance energy improvements through property assessments, offering long-term financing options. The economic benefits include job creation and support for local businesses, as well as a commitment to community enrichment through educational and cultural programs.
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