May 13, 2021
Leading PACE Provider closes their 11th ABS Transaction
(Petaluma, Calif.) - Ygrene, the nation’s leading issuer of green bonds backed by Property Assessed Clean Energy (PACE) assets, announced today the closing of its GoodGreen 2021-1 securitization with the issuance of $343 million of investment-grade debt securities. Since its inception, Ygrene has completed 11 securitization transactions totaling approximately $2.6 billion, solidifying its leadership in innovative financing products by providing equitable access to affordable financing for home and business owners to improve their property’s energy efficiency and resiliency.
“Investors are looking for strategies to acquire high-quality, income-producing investments that actually make a difference for society - and provide diversification. As it relates to PACE assets, investors love the fact that PACE financing provides an affordable way for property owners to lessen their carbon footprint, and to make their properties more resilient to the increasing severity of hurricanes and wildfires,” said Greg Saunders, Ygrene Chief Financial Officer.
This marks Ygrene’s third transaction rated by DBRS Morningstar, a global rating agency with significant experience in the ABS, CMBS, MBS and other capital market sectors. Natixis was the lead structuring agent and bookrunner, along with Deutsche Bank serving as co-bookrunner, and ING serving as co-manager.
“We are particularly proud that this transaction was yet another to be rated as a Green Bond by Sustainalytics, a leading independent ESG ratings firm. This designation represents a balanced combination of factors including strong governance, transparency, and impact in mitigating the effects of climate change.” said Michael McCormick, Ygrene Director of Capital Markets.
Through public-private partnerships, PACE stands out as a trusted source of private capital for spurring local economies, enhancing property values, and helping to meet resiliency and environmental goals while offering a reliable method for lawmakers to grow their tax base at no cost to local government. To date, Ygrene has financed approximately 100,000 projects nationally, and has emerged as the PACE market leader because of its leading consumer protections and exceptional customer satisfaction - which consistently rank among the highest within the financial services industry.
Ygrene's award-winning PACE program, with built-in consumer protections, is delivering greater choice for home and business owners by providing accessible and affordable financing for energy efficiency, resiliency, 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. By providing over $2.4 billion of private capital to more than 550 local communities, Ygrene has created tens of thousands of jobs and invested millions into local economies across the U.S. Learn more at ygrene.com.