ATLANTA, Dec. 6, 2012 /PRNewswire/ -- Ygrene Energy Fund, a leading provider of clean energy finance programs for local governments, is pleased to partner with the City of Atlanta in the Clean Energy Atlanta program. This initiative, recently approved by the Atlanta City Council, provides an initial pool of $500 million in private funding to invest in energy upgrades firstly in the central business district of Atlanta, creating local jobs and stimulating the economy while improving property values and reducing energy costs.
"The Clean Energy Atlanta program represents a notable milestone in our efforts to jumpstart not only Atlanta's economy and real estate market, but also our sustainability initiatives aimed at making the city a cleaner and greener place to live," said Atlanta Mayor Kasim Reed. "The impressive economic and environmental benefits from this program will extend Atlanta's reputation as a national leader in innovation and job creation."
The City Council's vote creates the geographical boundaries of participating districts within Atlanta, while enabling the City Charter expand the number of local property owners eligible to participate in the program. This initiative is projected to create as many as 7,500 jobs and inject up to $500 million in economic activity for Atlanta's economy.
"Clean Energy Atlanta is an innovative economic development program that will create jobs and make Atlanta even more globally competitive," said Brian P. McGowan, president and CEO of Invest Atlanta. "We are working to make Atlanta one of the most sustainable cities in the world and this program will help get us there as well as increase property values across the city."
Ygrene will administer the fund that will enable property owners to perform energy retrofits, leveraging a new partnership with FNF Green to help property owners join the program in a matter of minutes. Additionally, Ygrene will provide trainings to local contractors in order to maximize local participation in the program. Invest Atlanta will help launch the program and then oversee funding approvals for each building retrofit.
"We applaud Atlanta for leading the way with the most expansive energy upgrade financing program in the state," said Dan Schaefer, president of Ygrene Energy Fund. "We look forward to helping Atlanta reinvigorate its real estate market while helping property owners reduce energy costs and creating jobs across the region—without any taxpayer money."
About Ygrene Energy Fund
Ygrene Energy Fund is the leading developer and administrator of clean energy finance programs throughout the US. Ygrene has unlocked $550 million of private funding for affordable, immediately accessible financing for commercial and residential energy upgrades at no upfront costs. Over the next five years, Ygrene-funded renewable energy and efficiency programs are projected to create tens of thousands local jobs, invest millions in local businesses and drive massive reductions in greenhouse gasses. Learn more at cleanenergyatlanta.com.
About Invest Atlanta
Invest Atlanta is the official economic development authority for the City of Atlanta. Its purpose is to strengthen Atlanta's economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta.
Chaired by the Mayor of Atlanta, and governed by a nine-member board of directors, Invest Atlanta's programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation, and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing (TIF), and tax credits.
SOURCE Ygrene Energy Fund