Ygrene Florida Acquires Lykes' Ownership Interest in PACE in Florida
Florida-based business continues to create jobs and provide economic stimulus for local communities through commercial and residential energy retrofits
Mar 11, 2015, 05:30 ET
MIAMI, March 11, 2015 /PRNewswire/ -- Ygrene Energy Fund Florida, Florida's leading developer and administrator of Property Assessed Clean Energy (PACE) financing programs, and a joint venture between Ygrene Florida (a subsidiary of Ygrene Energy Fund, Inc.) and EcoAsset Energy Solutions (a subsidiary of Lykes Bros, Inc.), announced today that Ygrene Florida will acquire Lykes' ownership interest in the venture.
Ygrene Energy Fund Florida has been selected by over 20 counties and cities in Florida as their PACE program administrator. As administrator, Ygrene Energy Fund Florida markets the PACE program to residential and commercial property owners seeking to finance energy efficiency, renewable energy, and hurricane protection upgrades. Ygrene offers 100 percent financing, with competitive rates that are among the lowest in the industry, resulting in lower monthly payments and potentially making even the most expensive upgrades affordable. Since 2013, thousands of home and business owners across the U.S. have utilized this simple and affordable financing mechanism to improve the value of their property and save millions of dollars on their energy bills.
Ygrene Florida and EcoAsset Energy Solutions joined forces in 2011 to leverage their respective strengths to create the State's first and most successful PACE program. With the successful growth of PACE in Florida and the established leadership of Ygrene Energy Fund Florida, Lykes elected to take this opportunity to refocus on its core businesses.
"Ygrene has been farsighted in establishing the PACE leadership in Florida and has brought an innovative financing mechanism to our State," said Charlie Lykes of Lykes Bros. "Together, we have empowered Florida property owners to upgrade their properties for energy savings and hurricane resistance. We look forward to the continued growth and success of Ygrene and PACE in Florida."
Ygrene's PACE program is a potent tool to strengthen Florida's economy. Ygrene utilizes a $150MM revolving credit facility to fund both residential and commercial upgrade projects and has authorized and validated $1.2B in bonds across the State, providing a powerful mechanism to improve Florida's building stock for energy efficiency and weather resiliency, while stimulating the local economy and creating hundreds of local jobs.
"Lykes has provided valuable leadership and resources for initiating and scaling our PACE programs across Florida," said Stacey Lawson, President of Ygrene Energy Fund Florida. "We have built a tremendously strong platform together over the last three years, allowing us to be the first and largest provider of PACE financing in the State. We are grateful for Lykes' collaboration and look forward to future opportunities to collaborate with them."
About Ygrene Energy Fund Florida
Ygrene Energy Fund Florida is the leading developer and administrator of clean energy financing programs throughout Florida. Ygrene's fully funded Clean Energy Programs provide privately funded and immediately accessible financing for renewable and energy efficiency upgrades to both commercial and residential property owners at no upfront costs. Over the next five years, Ygrene's Clean Energy Districts are projected to create tens of thousands of local jobs and invest hundreds of millions into local economies. Learn more at ygrene.us.
About Lykes Bros, Inc.
Lykes Bros. Inc. is a fifth generation family-owned company with over one hundred years of experience and financial stability in managing large scale natural resources. Lykes Bros. has large agricultural operations that span 340,000 acres of contiguous land in Florida's heartland.
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SOURCE Ygrene Energy Fund Florida