Represented Clean Energy Finance and Investment Authority (CEFIA — "CT Green Bank") in developing and closing a unique financing structure for its Commercial Property Assessed Clean Energy (C-PACE) program. CEFIA securitized a portfolio of its C-PACE transactions with Clean Fund as the finance provider and Public Finance Authority as the conduit bond issuer. The financing transaction will fund up to $30 million of C-PACE benefit assessments. CEFIA provides financing to commercial property owners for energy efficiency and clean energy improvements, and that financing is repaid by property owners through benefit assessments (like property taxes) that are levied on the property by the municipality where the property is located. The benefit assessment liens levied by the municipalities are assigned to CEFIA, and the municipalities’ collections on those benefit assessments are forwarded to CEFIA to pay down the C-PACE financing. To monetize those benefit assessment payment streams, CEFIA has established a finance structure where it sells benefit assessments and liens to the Public Finance Authority in exchange for cash and subordinate bonds. Clean Fund purchases senior bonds from the Public Finance Authority for cash, which is used to pay the cash portion of the purchase price for the benefit assessments and liens. Please see CEFIA’s press release on the transaction.