SANTA ROSA, Calif.--(BUSINESS WIRE)--
Ygrene Energy Fund, a leading national provider of residential, commercial and multifamily PACE (property assessed clean energy) financing, today announced that it has upsized its warehouse credit line to $410 million. Deutsche Bank, SunTrust Robinson Humphrey, Inc., Nomura Corporate Funding Americas, LLC and new participant CIT Bank are all a part of this increase, which now brings to four the number of committed financial institutions. This diversification of financial partners enables Ygrene to meet the needs of one of the fastest growing PACE programs in the U.S. In addition, this increase in financial capacity highlights lender confidence in the overall asset class and especially in Ygrene, the industry’s only issuer of AAA-rated securities backed by PACE assessments.
Consumers are increasingly drawn to PACE programs due to their low rates, convenience and consumer protections, which has generated considerable demand for additional financing. To accommodate this growth, Ygrene has developed an innovative and flexible financial platform to originate both residential and commercial assets in California and Florida, and is the first PACE provider to issue asset-backed securities backed by multi-state, commercial and residential assessments.
Quality and Transparency Attract Trusted Partners
“As PACE continues to grow in popularity in California and Florida, and as we expand into new states, our commitment to the consumer and the community is central to our business model,” said Rocco Fabiano, Ygrene’s President and CEO. “Ygrene is committed to originating the highest quality PACE assets, while providing customers, lenders, investors and communities superior levels of consumer protection and financial transparency.”
“We are pleased to provide Ygrene with an upsize of this credit facility which will help the company to continue providing financing solutions for PACE assets,” said Kevin Tanzer, Managing Director at Deutsche Bank.
“Ygrene’s reputation for diversity and high quality underwriting is what prompted us to participate,” said Rhys Marsh, Director at CIT Bank. “Ygrene originates in multiple states, as well as commercial and residential assets. That, combined with its commitment to protective measures such as recorded confirmation calls with all property owners before entering into the financing agreement, gives us confidence in the safety and reliability of the asset class as a new lender.”
“We are gratified to have the continued support of our trusted lenders, and welcome our new financial partner,” said Rasool Alizadeh, Ygrene’s Head of Capital Markets. “Ygrene’s focus is clear: building robust, innovative financing platforms with careful oversight, all with the goal of being the ‘gold standard’ in terms of consumer protections and investor transparency.”
About Ygrene Energy Fund
Ygrene Energy Fund is a leading national provider of residential, multifamily and commercial property assessed clean energy financing. The award-winning, privately-funded YgreneWorks program provides financing for energy efficiency, renewables and water conservation as well as, in certain areas, hurricane protection, electric vehicle charging stations and seismic upgrades. Ygrene is committed to making it easy for property owners to invest in their future and in a healthier environment. The YgreneWorks program also creates jobs by investing in local economies. Learn more at ygreneworks.com.