September 10, 2018
Deal Demonstrates Continued Growth and Success of PACE Programs in the U.S.
NEW YORK - ING Capital LLC ("ING") announced today that it has closed a $25 million credit facility with Ygrene, a national leader in energy efficiency and resiliency financing. The unique structure will expand Ygrene's capabilities in the areas of contractor advances and course of construction financing of Property Assessed Clean Energy (PACE) eligible projects. The facility will support the continued growth of Ygrene's programs while bolstering its liquidity position and lender base.
Sustainable financing initiatives remains a strong priority for ING and the addition of Ygrene to its client portfolio further strengthens its commitment to PACE and environmentally friendly initiatives.
"Our PACE program is revolutionizing the home improvement industry by enabling residential and commercial property owners the freedom to invest in their futures and ultimately a more resilient and healthier environment," said Tim Condon, Chief Financial Officer at Ygrene. "Teaming up with ING through the creation of this new credit facility further strengthens our ability to continue to offer the most comprehensive and flexible PACE financing offering to consumers and businesses."
"ING has a long track record of providing financing solutions to sustainable and environmentally friendly projects and businesses across global markets and sectors," said Sandeep Srinath, Director, Structured Solutions Group, ING Americas. "We are strong supporters of PACE programs in the U.S. and have seen impressive growth in this market, providing a suite of financing solutions to leading companies in this space such as Ygrene."
ING CAPITAL LLC
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Group (NYSE : ING ), a global financial institution of Dutch origin. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank's more than 51,000 employees offer retail and wholesale banking services to customers in over 40 countries.
Ygrene is a national leader in residential and commercial energy efficiency and resiliency project financing. Founded in 2010, Ygrene's award-winning, privately funded Property Assessed Clean Energy (PACE) program is revolutionizing the home improvement industry, making it easier for property owners to invest in their futures and a healthier environment. Ygrene is delivering greater choice for home and business owners by providing accessible and affordable financing for energy efficiency, renewables, water conservation, storm protection and seismic upgrades. Recognized as one of the fastest growing asset classes in the country, PACE has proven to be a successful tool for supporting public policy initiatives, all without the use of public tax dollars or credits. To date, Ygrene has provided over $1 billion of private capital to more than 69,000 property owners in over 500 communities, creating thousands of jobs and investing millions into local economies across the U.S. While PACE programs are enabled by state legislation and must be approved by local governments, Ygrene is not a government program. Learn more at ygrene.com.
SOURCE ING Capital LLC