DAVIS, CA--(Marketwire -09/28/11)- Octus, Inc. (OTC.BB: OCTI.PK - News), an innovative California-based resource efficiency company, today announced it will team with Ygrene Energy Fund to collaboratively develop and market the City of Sacramento's commercial PACE (Property Assessed Clean Energy) financing program under a contract awarded to Ygrene on September 27, 2011.
"City staff and elected officials should be commended for their vision and leadership," said Octus CEO Chris Soderquist. "PACE financing will enable Sacramento property owners and contractors to implement clean energy projects. Our collaboration with Ygrene will be a vital component of the program's success, evidencing how Octus's PACEWorks platform fuses private capital and clean energy technologies to make PACE a reality."
Octus and Ygrene estimate that, over the next five years, PACE-funded clean energy improvements in Sacramento will create more than 1,500 jobs and generate $264 million in economic output.
"This is a big deal for Sacramento, what I believe will be remembered as a tipping point for our economy," said Sacramento Mayor Kevin Johnson. "Ygrene, Octus and Barclays Capital can help us achieve a triple bottom line: Create jobs, slash utility bills, and reduce our carbon impact. With the deployment of $100 million in private capital and the engagement of local companies like Octus to drive investment, Sacramento is on pace be one of the most sustainable, green cities in the country."
"The City of Sacramento is poised to lead California's clean energy economy and we are proud to be a part of the program," said Dan Schaefer, president of Ygrene.
Octus, Inc. (OTC.BB: OCTI.PK - News) is a leading resource efficiency company headquartered in Davis, California that significantly reduces the utility costs of commercial, multi-family and institutional buildings through the financing and implementation of energy-efficient lighting, HVAC and water management systems and products. Octus operates three complementary businesses: EfficiencyWorks (energy retrofit projects), RebateWorks (utility rebate procurement), and PACEWorks (clean energy financing). You can learn more about Octus at http://octusenergy.com, and more about PACEWorks at http://paceworks.net.
About Ygrene Energy Fund
Ygrene Energy Fund, headquartered in Santa Rosa, California, is the leading developer and administrator of PACE financing programs. Ygrene has developed a coalition of leading financial, energy efficiency and climate change organizations to deliver no-cost, turnkey PACE financing on behalf of municipal governments. Partners include Barclays Capital, Clean Fund, Lockheed Martin, Octus, Carbon War Room, Environmental Defense Fund, and the U.S. Business Council for Sustainable Development. Learn more at http://ygrene-energy.com.
Property Assessed Clean Energy (PACE) financing enables municipal governments to tap private capital markets to allow property owners to finance clean energy improvements such as solar panels, roofing, energy-efficient lighting and HVAC, and water conservation measures, which reduce utility bills to more than offset the tax bill increase. Property owners benefit from increased real estate values, occupants from lower utility bills and municipalities from local job creation. According to Pike Research, $2.5 billion will be invested annually in financing for retrofits in commercial properties through PACE by 2015. Twenty-four U.S. states and the District of Columbia have passed laws enabling PACE financing.