Ygrene Completes $344 Million Securitization of PACE Assets
Leading property improvement financing company closes their 12th ABS Transaction
PETALUMA, Calif.--(BUSINESS WIRE)--Ygrene, one of the nation’s leading property improvement financing providers, announced today the closing of its GoodGreen 2022-1 securitization with the issuance of $344 million PACE – property assessed clean energy – investment-grade debt securities. Since its inception, Ygrene has completed 12 securitization transactions totaling over $2.5 billion, further solidifying its leadership position in delivering innovative financing products that help solve some of today’s most pressing environmental and social issues.
“PACE financing provides an affordable and flexible way for all property owners, regardless of race, gender or credit score, to reduce their carbon footprint and strengthen their properties against natural disasters, such as hurricanes and earthquakes. PACE fundamentally shifts the balance of power in the market and builds equity in underserved communities. It does not discriminate – a critical aspect that makes Ygrene assets so valuable to investors looking to acquire high-quality, income-producing investments that make a real difference in helping people build better lives,” said Greg Saunders, Ygrene Chief Financial Officer.
The GoodGreen securitization provided financing on over 9,000 PACE assets covering residential and commercial properties located in 62 counties in California and Florida. This marks Ygrene’s fourth transaction rated by DBRS Morningstar, a global rating agency with significant experience in the ABS, CMBS, MBS, and other capital market sectors. Deutsche Bank was the lead structuring agent and book runner. Natixis served as co-book runner, and ING as co-manager.
“Once again, it’s an honor to receive a top rating from Sustainalytics, a leading independent environmental, social and governance (ESG) ratings firm, for Ygrene’s exemplary governance, transparency, and impact in mitigating the effects of climate change. We are confident that we will continue to receive this designation in years to come based on the expansion of social impact and consumer protections initiatives,” said Mr. Saunders.
Ygrene has funded over 100,000 projects nationwide resulting in the following estimated lifetime impacts: 125 megawatts of solar installed, reduction of 2.5 million metric tons of carbon emissions, and $2.3 billion in avoided disaster costs in the event of future natural disasters. Ygrene’s work also helps boost local economies, which is estimated to generate $6 billion in lifetime gross economic output and create 53,000 job years. Ygrene is currently available in twenty states with plans to expand to thirty by the end of the year.
Ygrene's award-winning property improvement financing, with built-in consumer protections, is delivering greater choice for home and business owners by providing access to affordable financing for energy efficiency, renewable energy, water conservation, storm protection, and seismic upgrades. In addition, Ygrene financing has proven to be a successful tool for supporting public policy initiatives -- at no cost to local government. By providing $2.7 billion of private capital to more than 550 local communities, Ygrene funded projects have created an estimated 53,000 job years and invested millions into local economies across the U.S. Learn more at ygrene.com.