Ygrene and Big Box Retailer, BrandsMart USA, Complete Largest Commercial PACE Project in Southeast US
October 8, 2015
MIAMI, FL - Ygrene Energy Fund Inc., a national provider of clean energy and hurricane protection financing, and BrandsMart USA, one of the largest appliance retailers in the country, today announced the completion of the largest commercial PACE (Property Assessed Clean Energy) project in the nation's Southeast. The project site, BrandsMart's Miami Gardens store, was funded with $3.1M in PACE financing via Ygrene's Clean Energy Green Corridor program. This is the second project in Florida for the partners and is expected to generate $310,000 in annual energy, operations and maintenance savings for BrandsMart.
Environmental concerns around extreme weather events have reached an all-time high in Florida as the state grapples to become more resilient in the face of rising sea levels and rising energy costs. Miami in particular has become ground zero for these conversations, as elected officials seek to upgrade the city's infrastructure in anticipation of climate and resource risks. BrandsMart USA, one of the leading Consumer Electronics and Appliance Retailers in the Southeast, has been an active proponent of energy efficiency upgrades and of PACE, the nation's most accessible capital source for clean energy upgrades.
"PACE's credibility and proven track record make it the clear choice to upgrade our stores from both a business and an environmental perspective," said Lary Sinewitz, Executive Vice President, BrandsMart USA. "This is our second successful multi-million dollar project in Florida using the Clean Energy Green Corridor program administered by Ygrene as we work together to make ours a more resilient region in the face of weather threats and volatile resources."
On the heels of a successful 2014 $2.1M project at its Palmetto Bay Store, which is expected to result in $195,000 in energy, operations and maintenance savings this year, BrandsMart identified its Miami Gardens store as next in line to be upgraded. New additions to the Miami Gardens store include LED lighting, a new energy-efficient roof and replacement of all HVAC equipment. Partners ABM Industries and Tremco were instrumental in both the Palmetto Bay and Miami Gardens projects.
In partnership with local municipalities like Miami-Dade, Ygrene's Clean Energy Green Corridor program provides 100% financing with zero out of pocket costs for residential, commercial and agricultural property owners to deploy clean energy and hurricane protection upgrades to their buildings. Currently approved in over 150 cities and counties across Florida, California and Georgia, Ygrene is the largest commercial PACE originator in the U.S.
"Florida's robust appetite for PACE continues to grow as climate change threatens the state's resilience," said Ygrene President & CEO, Stacey Lawson. "Last year's Palmetto Bay project was the largest in the state and in short order, we've eclipsed that, underscoring our commitment to Florida and to pioneers like BrandsMart that are forging a safer, more adaptive future for the Southeast."
About Ygrene Energy Fund
Ygrene Energy Fund is a leading residential and commercial provider of clean energy financing throughout the United States. The award winning, privately funded YgreneWorksTM program provides immediately accessible financing with no upfront costs for energy efficiency, renewable energy, water conservation and, in certain areas, hurricane protection, electric vehicle charging stations and seismic upgrades. Ygrene is committed to making it easy for families to invest in their future and a healthier environment. Over the next five years, YgreneWorks is projected to create tens of thousands of local jobs and invest hundreds of millions into local economies. Learn more at www.ygreneworks.com.