MinnPACE Quarterly Update: Strong Growth and Expanding Solar Interest Drive Q3 Success

The third quarter of 2025 marked another strong performance for the MinnPACE program, reflecting steady statewide momentum in commercial PACE (Property Assessed Clean Energy) financing. As the program administrator, the Saint Paul Port Authority continues to oversee both internal and external PACE lending across Minnesota, helping businesses, nonprofits, and property owners invest in energy efficiency and renewable energy improvements.

Quarter Highlights

Minnesota saw five projects close in Q3, totaling $8.5 million in financed improvements. These investments are projected to generate $83,680 in annual energy savings and reduce energy use by more than 421,000 kWh.

Among the notable projects

• 108 Lofts, Duluth – Large energy retrofit including lighting, windows, insulation, HVAC, and plumbing upgrades.
• The Museum of Russian Art, Minneapolis – HVAC system improvements.
• Elm Creek Community Church, Maple Grove – Solar installation.
• BC Crossing, Brooklyn Center – HVAC improvements.
• Gimel Properties, Minneapolis – Boiler, lighting, and water efficiency upgrades.

Expanding Partnerships and Outreach

In Q3, MinnPACE staff strengthened statewide and national partnerships through participation in the C-PACE Alliance Conference, the PACE Nation Administrative Meeting, and the Minnesota Government Finance Officers Association (MNGFOA) conference. These engagements expand visibility for the program and support ongoing collaboration with lenders, local governments, and energy professionals.

Looking Ahead

The outlook for Q4 is promising, with three loans already closed early in the quarter, two projects increasing their financing, and three additional loans expected to close before year-end—representing an estimated $17.8 million in new financing.

As MinnPACE continues to grow, these projects demonstrate the power of creative financing and public-private collaboration to transform buildings, lower operating costs, and advance Minnesota’s clean energy future.