"We see tremendous opportunity in the PACE sector," said Mark F. Vassallo, Managing Partner at Lightyear. "We're pleased to be working with the management team at Ygrene to continue its growth and expand its presence in new and existing markets."
Currently approved in over 319 cities and counties across California, Florida, and Missouri, Ygrene offers the only PACE program with repayment terms of up to 30 years, which can lower monthly payments and potentially make even the most expensive upgrades affordable.
"Ygrene is revolutionizing residential and commercial upgrades by providing access to safe, secure financing, backed by industry-leading consumer protections policies," said Greg Norton, Executive Director of Golden State Finance Authority (GSFA). "Municipalities looking to reduce energy or water consumption, fortify against a changing climate, create new jobs, and improve property values can find a strong partner in Ygrene."
"As the largest and most established PACE provider in Florida, Ygrene has already helped thousands of property owners make critical hurricane-resilient improvements with local contractors," said former Pinecrest Mayor and Clean Energy Green Corridor Board Member Cindy Lerner. "We're thrilled to see the program expand further and look forward to inviting more property owners to participate across broader economic segments of the market."
Since Ygrene's inception in 2010, thousands of home and business owners have utilized this simple and affordable PACE financing mechanism to improve the value of their properties and save on their energy and water bills. Ygrene has approved over $1.85 billion in energy efficiency, renewable energy, climate resiliency, and water conservation improvements, and has completed projects representing an estimated 9,570 local jobs and $1.5 billion in annual economic stimulus for local communities.
"With the support of our extraordinary capital partners, Ygrene has grown 20-fold in just the last 24 months," said Stacey Lawson, Executive Vice Chairman of the Board at Ygrene. "In that time, our team has built one of the most capital-efficient PACE financing models to date, garnering interest from a diverse array of investors that see the value of our AAA-rated assets."
Ygrene President and CEO, Rocco Fabiano, added, "As we look toward our next phase of growth, this equity investment will be key to ramping our operations nationwide. At Ygrene, we firmly believe in putting the consumer first, and this begins with opening access to clean energy- and climate-friendly financing for as many Americans as possible."
About Lightyear Capital LLC
Lightyear Capital is a financial services-focused private equity firm based in New York. Lightyear, through its affiliated private equity funds, makes primarily control investments in North America-based, middle-market financial services companies. Lightyear targets investments across the financial services spectrum, including asset management, banks, brokerage, financial technology, insurance, and specialty finance. The firm brings unique strengths and discipline to its investment process, as well as operating, transaction, and strategic management experience, along with significant contacts and resources beyond capital. For more information, please visit www.lycap.com.
About Ygrene Energy Fund
Ygrene Energy Fund is a leading national provider of residential, multifamily and commercial property assessed clean energy financing. The award-winning, privately funded YgreneWorks program provides immediately accessible financing with no upfront payments for energy efficiency, renewables, water conservation, and, in certain areas, hurricane protection, electric vehicle charging stations and seismic upgrades. Ygrene is committed to making it easy for property owners to invest in their future and a healthier environment. Over the next five years, YgreneWorks is expected to create tens of thousands of jobs and invest billions of dollars into local economies. Learn more at ygreneworks.com.