SANTA ROSA, Calif., Nov. 10, 2016 /PRNewswire/ -- Ygrene Energy Fund, the leading national provider of residential, commercial and multifamily property assessed clean energy (PACE) financing announced today it has secured a $30 million financing facility from the New Energy Capital Infrastructure Credit Fund and related funds which are managed and advised by New Energy Capital Partners, a leading investor in clean infrastructure real assets. This capital will be instrumental in achieving 2017 growth projections and brings the company's PACE asset financing capacity to $280 million.
"This financing will support the growth of Ygrene's PACE programs nationally," said Ian Marcus, Principal at New Energy Capital Partners. "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."
"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," said Michael Chan, Ygrene CFO. "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.
"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," said Stacey Lawson, Ygrene CEO. "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 said, "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."
About New Energy Capital Partners
New Energy Capital Partners is a private equity firm that invests in projects and companies in the renewable power, alternative fuels, energy efficiency and renewable resource markets, focusing on the deployment of proven technologies in highly structured transactions. NECP manages the New Energy Capital Cleantech Infrastructure Fund and the New Energy Capital Infrastructure Credit Fund. NECP is based in Hanover, New Hampshire and has offices in Boston, Massachusetts and Denver, Colorado.
New Energy Capital Partners, LLC
About Ygrene Energy Fund
Ygrene Energy Fund is the nation's leading 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.
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SOURCE Ygrene Energy Fund