April 23, 2021
Milestone Solidifies Position as the Smart Capital Financing Source for Property Owners Seeking to Upgrade and Improve Their Assets
Ygrene has Funded $30 Million in Recapitalization Projects, Enabling Property Owners Much Needed Financial Flexibility During the Pandemic
(Petaluma, Calif.) - Ygrene, the nation’s leading PACE (Property Assessed Clean Energy) provider, announced today that it has surpassed $200 million in Commercial PACE (C-PACE) projects since inception in March of 2013. This milestone -- which represents more than 1,400 projects -- half of the total of all C-PACE transactions nationally - solidifies Ygrene’s position as the smart capital and long-term financing source for commercial property owners for energy and water efficiency, renewable energy, and resiliency improvements across the country.
In the last year, notable C-PACE projects funded by Ygrene covered a wide array of commercial property types – from a $1.5-million-dollar deal helping a Chico, California hotel owner-operator fund solar and energy efficiencies upgrades to giving multiple agricultural businesses needed access to capital to fund solar energy installations, powering their dairies, wineries and pistachio farms.
“Today’s announcement is a significant step for Ygrene but it’s an even more important milestone for the 1,400 property owners Ygrene has worked with to deliver smart and innovative financing solutions designed to support the growth and development of businesses across dozens of industries. In today’s pressurized economic environment, property owners across the country are struggling to find creative, long-term, and low-cost financing options. We are gratified to partner with these companies and support environmentally-responsible funding solutions,” said Jim Reinhart, CEO and President of Ygrene,
Ygrene also announced that it has completed $30 Million in C-PACE recapitalization transactions. The recapitalization financing product allows property owners to retroactively finance recently completed eligible improvements and recover cash for liquidity, reserves, and further investment.
“We are excited about the success of our recapitalization financing product, which has proven to be a lifeline for many property owners struggling during the pandemic and seeking to improve their balance sheet and free up available cash. It also enables owners to make additional investments and deeper retrofits in hurricane resiliency, energy efficiency, and renewable energy improvements. Our pipeline is strong across property type, deal size, and geography and our customers appreciate Ygrene’s speed to close and high-touch customer service,” said Mike Lemyre, Senior Vice President, Commercial of Ygrene.
Over the past decade, PACE has become a proven solution to help combat the impacts and costs of natural disasters and climate change, while creating jobs and providing substantial positive economic impact boosting local and state economies. Specifically, C-PACE projects financed by Ygrene across the nation are estimated to have created more than 2,700 jobs and created more than $374 million in local economic stimulus, all while reducing lifetime carbon emissions by an estimated 414,000 metric tons.
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 $1.9 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.