Press Release

Lykes Bros.' EcoAsset Solutions Joins Ygrene Energy Fund to Drive Florida Job Creation

November 9, 2011


Florida-based business could create thousands of local jobs through commercial and residential building energy improvements

MIAMI, FL - Ygrene Energy Fund, a leading provider of energy retrofit programs for local governments, today announced it has partnered with Tampa-based sustainability consultancy EcoAsset Solutions to market Ygrene Energy Fund Florida, LLC (Ygrene Florida). Using an innovative financing model to enable building energy improvements, Ygrene Florida will partner with Florida's local governments to reduce energy costs in businesses and homes, stimulate local economies and create thousands of jobs.

EcoAsset Solutions, a wholly–owned subsidiary of Lykes Bros. Inc., has proven experience in the design and management of long-term sustainability programs for state and local governments. Together with Ygrene Energy Fund, EcoAsset will contribute its resources to Ygrene Florida to drive program implementation by local governments as well as property owner participation.

"Ygrene Florida provides an immediate, sustainable source of private capital to finance property upgrades with no cost to the local government. It's one of the most potent tools within our reach to strengthen the state's economy. Florida needs this," said John Wakefield, president and COO of EcoAsset Solutions. "By implementing Ygrene Florida's unique model, we anticipate creating thousands of jobs throughout the state over the next five years."

Ygrene Florida's turnkey energy efficiency program provides ready private capital to property owners who choose to improve the energy use of their commercial or residential building. The funding for eligible building improvements – including a range of energy efficiency retrofits, renewable energy installations as well as wind hardening improvements – is repaid via annual non ad valorem assessments on the property tax bill amortized over as much as 15 to 20 years. The savings resulting from the property improvements exceed the overall costs of the improvements.

Ygrene Florida has appointed Joseph Spector as director of operations to lead program implementation and marketing in Miami. Spector joins Ygrene Florida from senior management positions at Briggs & Stratton Corporation, a global manufacturer and distributor of power products and engines. He was responsible for the establishment of Briggs & Stratton operations in Mexico and Brazil, and most recently served as the managing director of Latin American operations in Miami.

"The Ygrene funding model cuts through layers of red tape and provides a fast, efficient approval process for local contractors to execute projects in unprecedented numbers," said Spector. "Businesses and homeowners will benefit from lower utility costs, higher property values and increased cash flow. Furthermore, governments unlock enormous job potential while accelerating smart city development and protecting their financial outlook."

About Ygrene Energy Fund Florida

Ygrene Energy Fund Florida, headquartered in Tampa, is the leading developer and administrator of Property Assessed Clean Energy (PACE) financing programs throughout the state. PACE is an innovative structure enabling property owners to finance energy savings improvements. Assembled by the Carbon War Room, Ygrene leads "The PACE Commercial Consortium" a coalition of leading financial, energy efficiency and climate change organizations to deliver no-cost, turnkey PACE financing on behalf of municipal governments. Founding members include Barclay's Capital, Lockheed Martin and Energi. Learn more at www.ygrene.us.

About EcoAsset Solutions

EcoAsset Solutions is an award-winning leader in providing Sustainability Management outsourcing services for the public and private sector. The company's aim is to be the trusted strategic service partner for organizations that are trying to design, implement and drive a sustainability agenda that improves competitiveness, grows revenue, and eliminates resource waste to improve profit margins. EcoAsset's mission is to provide solutions that prove the value of our client's sustainability investments. The company is a wholly–owned subsidiary of Lykes Bros. Inc., a fifth generation family-owned company with over one hundred years of experience and financial stability in managing large scale natural resources.