Ygrene Energy Fund and Lykes Bros. Subsidiary EcoAsset Energy Solutions Enter Joint Venture to Support Accelerated PACE Program Adoption Across Florida
May 30, 2013
Partnership unlocks statewide access to Ygrene property upgrade program
TAMPA BAY, FL -- Ygrene Energy Fund Florida, a leading provider of commercial and residential property upgrade programs for Floridian governments, today announced that it has formed a strategic joint venture with EcoAsset Energy Solutions, a subsidiary of Lykes Bros. Inc., a 100-year old local, family-owned company and the largest private landowner in Florida. Building upon an initial co-marketing agreement in 2010, this expanded investment will support the increased development of new Ygrene-administered Property Assessed Clean Energy (PACE) programs across the state.
"We see increasing momentum throughout Florida to implement PACE districts, and our new joint venture with EcoAsset Energy Solutions enables Ygrene to bolster local resources and operations to meet this rising demand," said Stacey Lawson, CEO of Ygrene Energy Fund. "Together, we look forward to fostering a lasting legacy across the state."
Ygrene's fully-funded Clean Energy Programs enable regional governments to efficiently tap the PACE financing model without using taxpayer funds to launch and run the program. PACE gives property owners a new, more cost-effective way to finance hurricane protection, energy efficiency, renewable energy and water conservation projects. While traditional financing for these types of improvements is difficult to secure, Ygrene's PACE-financed upgrades overcome this hurdle by repaying through annual property taxes over a period of up to 20 years.
Ygrene Energy Fund works with local governments to administer PACE districts across the country, and has been working with EcoAsset Energy Solutions and Lykes Bros. Inc. since 2010 to partner with local governments in creating their own localized PACE programs. This expanded partnership provides increased resources to meet those goals.
"The Ygrene model has been carefully designed and implemented to offer local governments in Florida the solution they are looking for; given our track record of success, this model is clearly working," said John Wakefield, Director of Program Development for Ygrene Energy Fund Florida and Vice President of Corporate Business Development for Lykes Bros. who leads outreach efforts throughout the state.
"More than 40 local governments have expressed interest in working with Ygrene Energy Fund Florida, and we are actively forming programs with 21 cities and four counties," continued Wakefield. "The overwhelming message is that local officials want a localized program they can control, but that is also zero-risk and zero cost to the local government. Ygrene is the only company in the state offering this approach."
At the core of Ygrene's programs is a localized approach to PACE development. The Ygrene Energy Fund Florida team focuses on building a partnership with each municipality to better understand each region's unique needs and provide local implementation. The company also establishes a brick-and-mortar Energy Center to serve as a meeting place for community members to learn more about the benefits of PACE financing and showcase the technologies and building materials available to help property owners upgrade their properties. For more information, please visit CleanEnergyGreenCorridor.com.
"Rather than taking a one-size-fits-all attitude toward PACE deployment, we design and implement a tailored program that will spur sustained regional growth while empowering property owners to take a more active role in their building improvement and energy decisions," said Joe Spector, Vice President of Operations for Ygrene Energy Fund Florida. "The combination of our local presence and unparalleled expertise is what regularly sets Ygrene apart from the pack."
Also unique to the Ygrene PACE program is the company's work with local contractors. Ygrene ensures that local staff are able to convert the PACE program into profitable jobs by properly training and equipping contractors to efficiently connect with property owners and bring PACE projects to life. In Southeast Florida alone, Ygrene currently manages a network of more than 200 authorized independent contractors.
"What attracted us to Ygrene is the company's commitment to enhancing communities through economic development—a pillar of the Lykes Bros. business for six generations," said Michael L. Carrere, CEO of Lykes Bros. Inc. "We have a strong commitment to this partnership to not only achieve our own corporate sustainability goals, but also to champion the sweeping benefits of PACE to commercial and residential property owners across Florida."
About Ygrene Energy Fund
Ygrene Energy Fund is the leading developer and administrator of clean energy financing programs throughout the United States. Ygrene's fully funded Clean Energy Programs provide privately funded and immediately accessible financing for wind hardening, renewable and energy efficiency upgrades to both residential and commercial property owners at no upfront costs. Over the next five years, Ygrene's Clean Energy Districts are projected to create tens of thousands of local jobs and invest hundreds of millions into local economies. Learn more at ygrene.us.
About Lykes Bros. Inc.
Lykes Bros. Inc. is a longstanding Florida family business that has been in business for over 100 years. Lykes Bros. has large agricultural operations that span 340,000 acres of contiguous land in Florida's heartland. Additionally, Lykes Bros. has a very successful track record in other businesses ranging from financial services, natural gas distribution and food and beverage processing.