New Energy Capital Provides Financing to Support Ygrene Energy Fund
NOV 11, 2016 - 6:57 am
Ygrene Energy Fund, a provider of residential, commercial and multifamily property assessed clean energy (PACE) financing, secured a $30 million financing facility from the New Energy Capital Infrastructure Credit Fund and related funds which are managed and advised by New Energy Capital Partners, an investor in clean infrastructure real assets. This capital will be instrumental in achieving 2017 growth projections and brings the company’s PACE asset financing capacity to $280 million.
“This financing will support the growth of Ygrene’s PACE programs nationally,” said Ian Marcus, principal at New Energy Capital Partners. “We are very happy to be working with Ygrene on this financing and are pleased to begin what we see as a long-term relationship.”
“It’s great to be working with such a thoughtful and experienced partner like New Energy Capital, which has deep expertise in the renewable asset class,” said Michael Chan, Ygrene CFO. “As we look to meet and exceed our growth targets over the next 12 months, we look forward to expanding and deepening our relationship with the New Energy Capital team.”
To date, Ygrene has been approved by 319 cities and counties across California, Florida, Georgia, and Missouri, and completed projects across multiple states for over $612 million in property upgrades, representing an estimated $1.5 billion in economic stimulus and 9,186 new jobs created and sustained for local communities.
“With the support of New Energy Capital, we’ve created an ideal vehicle, combined with our syndicated warehouse facility, for scaling our origination of PACE projects,” said Stacey Lawson, Ygrene CEO. “This financing is a critical component of our growth strategy as we expand into additional markets this coming year.”
Hanover, NH-based New Energy Capital Partners is a private equity firm that invests in projects and companies in the renewable power, alternative fuels, energy efficiency and renewable resource markets, focusing on the deployment of proven technologies in highly structured transactions.
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