Ygrene Energy Fund receives $30 million in financing from New Energy Capital
Written By: Stratton Report
November 10, 2016
On November 10, PACE financier Ygrene Energy Fund announced it had secured a $30 million financing facility from the New Energy Capital Infrastructure Credit Fund and funds managed by New Energy Capital Partners. According to Ygrene, this capital brings the company’s PACE asset financing capacity to $280 million.
Ian Marcus, Principal at New Energy Capital Partners observed:
“This financing will support the growth of Ygrene’s PACE programs nationally. We are very happy to be working with Ygrene on this financing and are pleased to begin what we see as a long-term relationship.”
Michael Chan, Ygrene CFO remarked:”It’s great to be working with such a thoughtful and experienced partner like New Energy Capital, which has deep expertise in the renewable asset class. As we look to meet and exceed our growth targets over the next 12 months, we look forward to expanding and deepening our relationship with the New Energy Capital team.”
To date, Ygrene has been approved by 319 cities and counties across California, Florida, Georgia, and Missouri, and completed projects across multiple states for over $612 million in property upgrades, representing an estimated $1.5 billion in economic stimulus and 9,186 new jobs created and sustained for local communities.
Stacey Lawson, Ygrene CEO noted: “With the support of New Energy Capital, we’ve created an ideal vehicle, combined with our syndicated warehouse facility, for scaling our origination of PACE projects. This financing is a critical component of our growth strategy as we expand into additional markets this coming year.”
Patrick Fox, Partner at New Energy Capital Partners commented: “We are thrilled to be working with Ygrene, they have an outstanding management team with an extensive track record of success. We’re pleased to have the opportunity to support them.”