An investment fund affiliated with private equity firm Lightyear Capital has completed an investment of USD95 million in Ygrene Energy Fund, a provider of residential, multifamily and commercial property assessed clean energy (PACE) financing.
The capital brings Ygrene’s combined asset and operating capital raised to over USD1 billion.
Ygrene makes home and building improvements easy, accessible and affordable through the PACE programme, which enables property owners to finance projects through their property taxes. Since its inception in 2010, Ygrene has approved over USD1.85 billion in energy efficiency, renewable energy, climate resiliency, and water conservation improvements and has financed projects that created over 9,000 local jobs and USD1.5 billion in annual economic stimulus for local communities.
Ygrene is headquartered in Santa Rosa, California and is currently approved to provide PACE financing in over 319 cities and counties across California, Florida, and Missouri. It is the first PACE administrator to issue asset-backed securities that are rated AAA by a major credit ratings agency.
Mark F Vassallo, managing partner of Lightyear, says: "We are pleased to have completed an investment in Ygrene. The demand for affordable clean energy property improvements is increasing, and we see tremendous opportunity in the PACE sector. We look forward to working with the company to continue its record of strong growth.”
Rocco Fabiano, president and chief executive officer of Ygrene, says: "This investment represents a critical component of our expansion strategy and marks a new and exciting chapter of growth for Ygrene. We are extremely pleased to have the support of Lightyear as we set our course toward future success and continue to provide world-class service to all of our customers.”
