SANTA ROSA, Calif., May 18, 2016 /PRNewswire/ -- Ygrene Energy Fund Inc., the nation's leading multi-state provider of residential and commercial property assessed clean energy (PACE) financing, today announced the formation of a $250 million credit facility to support the expansion of its PACE program investments. The syndicated credit facility, among the first in the industry, includes capital commitments from a syndicate of three large banks and provides Ygrene with immediate capacity and financial flexibility to continue to grow its national presence.
With more than $785 million in project and operating capital raised to date, and an 800% year-over-year increase in applications, Ygrene has the opportunity to increase the new facility to over $400 million and expand its network of financial partners. The company offers the broadest PACE program in California and Florida, providing both residential and commercial financing across an extensive service territory, and announced that it will bring its YgreneWorks program to multiple new states this year including Georgia, Arkansas, Missouri, and others.
"The formation of this credit facility provides Ygrene with a flexible and manageable funding resource that allows for diversification and the ability to fund a variety of eligible PACE projects," said Ygrene CFO Michael Chan. "It will represent our core borrowing facility and serve as the backbone of Ygrene's capital platform as we continue expanding nationally. We are appreciative of our trusted lender relationships and value their support."
In addition to offering the most comprehensive program, Ygrene leads the industry when it comes to safe, transparent PACE financing with the highest level of consumer protections. From application through approval, construction, project completion and funding, Ygrene's Customer Protection Policy ensures consumers are supported every step of the way through our complete set of contractor certification, underwriting, consumer disclosure, data security and senior protection processes.
"As PACE takes root in additional states this year, this new facility marks a significant enhancement to our already robust capital platform and accelerates our ability to offer home and business owners across the nation the most affordable, accessible financing for clean energy and climate resiliency upgrades," said Ygrene CEO Stacey Lawson.
About Ygrene Energy Fund
Ygrene Energy Fund is the nation's leading multi-state provider of residential and commercial property assessed clean energy financing. The award-winning, privately funded YgreneWorksTM program provides immediately accessible financing with no upfront costs 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 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 ygreneworks.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ygrene-secures-250m-credit-facility-to-fund-national-expansion-of-pace-300270608.html
SOURCE Ygrene Energy Fund Inc.