Richmond closes first-ever $39M C-PACE loan for energy upgrades to redevelop former Dominion Tower

RICHMOND, Va. (WRIC) -- The city of Richmond has closed its first-ever $39 million Commercial Property Assessed Clean Energy (C-PACE) loan for energy upgrades to redevelop the former Dominion Energy tower.

The loan is reportedly financed through Nuveen Green Capital (NGC), and will provide total energy savings of $3.3 million and will create over 500 jobs. This marks the first project in Richmond utilizing the C-PACE program, per a Jan. 21 release.

According to a city spokesperson, through C-PACE, eligible property owners can finance energy efficiency, renewable energy, flood proofing and other projects on their property through a fixed-rate loan that is placed as a lien on their property tax assessment.

“The renovation of the Dominion Energy Tower is another C-PACE project where an older building is being revitalized, providing a high-quality mixed-use product that includes much needed rental housing in the City," said Abby Johnson, Executive Director of the Virginia PACE Authority. "This project, the seventh to close under the VA C-PACE Program, demonstrates the versatility of our program for effective results and is a double win for the property owner as well as for the City."

VPA developed and now administers the statewide C-PACE program, known as VA C-PACE. The program reportedly provides commercial property owners to fund a wide variety of building measures on commercial and multifamily properties, per a release.

The results may include reduced energy, water or other operating costs, improved business profitability, increased property value and improved resiliency to the real estate, VPA said in a release.

“We are honored to partner with the City of Richmond and Virginia PACE on Richmond’s first CPACE-financed project," said Isaac Rudin, Manager, Douglas Development, the project developer. "This financing makes possible a development that will reinvigorate the downtown area, provide essential housing and hospitality services, and preserve the city’s urban and historic fabric."

In late December 2025, city officials announced the former Dominion Energy tower would be converted into a hotel, restaurant and apartments.

Richmond was reportedly the ninth local government in Virginia to officially launch the program.