Ygrene Names Cronos Group Veteran to CFO Role as Appetite for PACE Accelerates with Institutional Investors
PACE financing poised to become largest source of renewable energy and energy efficiency upgrades
SANTA ROSA, Calif., Sept. 15, 2015 /PRNewswire/ -- ABS East 2015 – Ygrene Energy Fund Inc., a national provider of property assessed clean energy (PACE) financing, today announced that Michael Chan has joined the company as CFO. A 25-year veteran of the financial, accounting and capital markets, Chan brings a trusted and extensive financial network to support Ygrene's broad partnerships with investors and financial institutions. YgreneWorks now provides more than 10 million home and business owners, including small-to-midsized businesses (SMBs), industrial and agribusinesses access to immediate financing for energy efficiency, renewable energy, water conservation and, in certain locations, seismic upgrades.
As PACE securitizations surpass those of solar in terms of frequency and size, Chan believes the trend will continue as PACE goes mainstream. "Though PACE began as a niche industry, over the past few years banks, investors and asset managers have come to see the huge value and quality that PACE assets represent," said Michael Chan, Ygrene CFO. "My goal at Ygrene will be to provide more education and access to this capital platform as it scales to meet national demand."
Prior to joining Ygrene, Michael led the treasury and capital markets function at The Cronos Group, a market leading global transportation finance and leasing company, raising over $3.8 billion in capital over 3+ years. Michael also served as CFO of The Chartres Lodging Group, a successful asset manager and investment advisor that manages a hospitality portfolio comprised of more than 18,000 rooms valued at approximately $5 billion.
"Michael understands the importance of building a strong network of relationships at all levels," said Stacey Lawson, Ygrene CEO. "As Ygrene CFO, he brings an extensive professional network consisting of financial institutions, investors, legal counsel and ratings agencies that will support our scaling efforts as we extend PACE beyond our current programs in California, Florida and Georgia, and continue to grow nationwide."
About Ygrene Energy Fund
Ygrene Energy Fund is a leading residential and commercial provider of clean energy financing throughout the United States. The award winning, privately funded YgreneWorksTM program provides immediately accessible financing with no upfront costs for energy efficiency, renewable energy, water conservation and, in certain areas, hurricane protection, electric vehicle charging stations and seismic upgrades. Ygrene is committed to making it easy for families to invest in their future and a healthier environment. Over the next five years, YgreneWorks is projected to create tens of thousands of local jobs and invest hundreds of millions into local economies. Learn more at www.ygreneworks.com.
SOURCE Ygrene Energy Fund
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