Ygrene Funds Florida's First PACE Project
June 10, 2013
Company paves way for statewide program adoption, job creation and property improvements
TAMPA, FL., June 10, 2013 -- Ygrene Energy Fund Florida, the leading provider of property assessed clean energy (PACE) programs for local governments in Florida, today announced it has funded the first PACE projects in the state. This is a major milestone for Florida and signifies a new era of property improvement and job creation opportunities for cities and counties across the state.
The Ygrene program provides residential and commercial property owners with access to low-cost, low-risk capital to implement building upgrades, including hurricane protection, energy efficiency and renewable energy projects. Whereas traditional retrofits can burden property owners with high upfront costs and financial risks, Ygrene's PACE-financed upgrades are non-recourse financing repaid via annual property assessments over a 20-year term.
In Miami, the Ygrene program has funded its first hurricane resiliency project on a commercial property owned by urban development company Barlington Group, which worked with New Holland PACE Consulting, Inc. on the project. A second project is approved and underway. Both properties will receive hurricane resiliency upgrades—including impact-resistant and energy efficient storefronts, windows, and doors—expected to reduce the building owners' hurricane insurance and energy costs while simultaneously improving the value of each property. These projects total more than $210,000, part of Ygrene's growing pipeline of over $40 million in PACE-related projects in the region.
"Ygrene's comprehensive PACE program offered us the unique opportunity to enhance our properties without diverting resources away from core operations," said Martin Pinilla, founder of Barlington Group. "We've been consistently impressed with Ygrene's Florida team, including their work to connect us with nearby contractors to ensure our upgrades are not only being completed by trained professionals, but also creating local jobs in the process."
"This is a breakthrough event for the state of Florida and the nation—one that demonstrates the path toward economic revitalization and reduced energy consumption," said Stacey Lawson, CEO of Ygrene. "Florida governments and property owners will see immediate and lasting results through the PACE program, and Ygrene is the first administrator in the state to demonstrate the viability of this model."
Ygrene has multiple programs under development across Florida. The company's first Southeast Florida program, Clean Energy Green Corridor, is a partnership with the cities of Miami, Coral Gables, Cutler Bay, Miami Shores, Palmetto Bay, Pinecrest and South Miami. For the Green Corridor program, Ygrene has already trained and authorized more than 200 local independent contractors to administer upgrades and provide job opportunities throughout the region. For more information, please visit CleanEnergyGreenCorridor.com.
Additional municipalities are evaluating Ygrene's PACE programs. Three more cities in Miami-Dade County have now partnered with Ygrene to begin establishing two new PACE districts, and most recently, Leon and Lee counties ranked Ygrene as the number one firm in each county's competitive process to select a PACE program administrator.
"With all the promises of PACE over the past few years, it's exciting to see the first projects come to life," said Miami Mayor Tomas Regalado. "The PACE program has the potential to address three critical needs in our state: hurricane protection, job creation and rising energy costs. The doors are finally opening on this huge opportunity, and I commend Ygrene and the cities involved in this endeavor for their commitment and vision to enact meaningful change in our communities."
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.