Santa Rosa, California-based Ygrene Energy Fund, a provider of residential, multifamily, and commercial property assessed clean energy financing, has raised $95 million in funding. The investor was Lightyear Capital LLC.
NEW YORK–(BUSINESS WIRE)–Lightyear Capital LLC (“Lightyear”), a New York-based private equity firm focused on financial services investing, today announced that an investment fund affiliated with Lightyear has completed an investment of $95 million in Ygrene Energy Fund, Inc. (“Ygrene”), a provider of residential, multifamily, and commercial Property Assessed Clean Energy (“PACE”) financing. This capital will allow Ygrene to continue to grow and brings Ygrene’s combined asset and operating capital raised to over $1 billion.
Ygrene makes home and building improvements easy, accessible, and affordable through the PACE program, which enables property owners to finance projects through their property taxes. Since its inception in 2010, Ygrene has approved over $1.85 billion in energy efficiency, renewable energy, climate resiliency, and water conservation improvements and has financed projects that created over 9,000 local jobs and $1.5 billion in annual economic stimulus for local communities.
Ygrene is headquartered in Santa Rosa, CA 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 commented, “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 stated, “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.”
About Ygrene Energy Fund:
Ygrene Energy Fund is a leading national 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.
About Lightyear Capital LLC:
Lightyear Capital is a financial services-focused private equity firm based in New York. Lightyear, through its affiliated private equity funds, makes primarily control investments in North America-based, middle-market financial services companies. Lightyear targets investments across the financial services spectrum, including asset management, banks, brokerage, financial technology, insurance, and specialty finance. The firm brings unique strengths and discipline to its investment process, as well as operating, transaction, and strategic management experience, along with significant contacts and resources beyond capital. For more information, please visit http://www.lycap.com.