Energy financing to spur economic growth, job creation across Midwest
Ygrene Energy Fund, a national leader of residential and commercial
clean energy financing, today announced the acquisition of Energy Equity
Funding (EEF) LLC, one of the earliest and largest Commercial Property
Assessed Clean Energy (C-PACE) administrators in the U.S. The two firms
will combine their local operations based in Missouri, supporting both
Ygrene’s recent launch of its PACE program in the City of St. Louis and
St. Louis County and further expansion throughout the state.
“The recent launch of our residential PACE program in St. Louis
represented a big step for Ygrene,” said Rocco Fabiano, President and
CEO of Ygrene Energy Fund. “The rapid expansion of commercial PACE
projects within the region have demonstrated an appetite for PACE
programs in Missouri. Already, we’ve seen major energy efficiency
upgrades on historic buildings and redevelopment of underused properties
to help revitalize the region’s urban core. We look forward to giving
residential property owners the option to make similar safety and
sustainability improvements.”
EEF’s CEO, Byron DeLear, will join Ygrene as Managing Director & Central
Regional Executive, while EEF COO, Tom Appelbaum, will take the helm as
Senior Director, Midwest Business Development. DeLear and Appelbaum
founded EEF in 2010.
“We have long recognized the service-based philosophy of Ygrene to meet
or exceed the sustainability, social and economic development goals of
the communities they serve,” said DeLear. “This triple bottom line
approach is also what has driven Energy Equity Funding's work in the
Midwest and will lead to long-term success of bringing the best-in-class
PACE product to property owners, our municipal partners and their
communities."
As the PACE administrator for the popular Set
the PACE St. Louis, Missouri
Energy Savings Program and Arkansas Advanced Energy Equity Program,
EEF efforts in Missouri have contributed to the state leading the
Midwest in clean-energy job growth, creating 13,000 jobs in 2015-16. Of
those jobs, 75 percent are in the energy efficiency sector and 45
percent are located in the St. Louis metropolitan region. Thanks in part
to those efforts, Missouri was cited by the American Council for
Energy-Efficient Economy (ACEEE) in 2016 as the most-improved state for
energy efficiency in the U.S. The state’s PACE program was mentioned as
a contributor to this success.
“We’ve seen firsthand how PACE is a real game-changer for developers,
contractors and property owners, and that’s why the growth has been
exponential,” said Appelbaum. “With this partnership, we are now able to
expand our capacity to meet the growth of both residential and
commercial PACE.”
EEF’s flagship program, Set the PACE St. Louis, launched in 2013 and has
completed some of the largest C-PACE transactions nationwide. Last
September, the program closed a $10 million C-PACE project for the new
Angad Arts Hotel, a $65 million mixed-use development located in St.
Louis’ Grand Center Arts District. The project is projected to save
nearly $11 million and reduce tens of thousands of tons of climate
pollution. It will also use labor-affiliated contractors and meet the
minority and women workforce participation goals of the city.
About Ygrene Energy Fund
Ygrene Energy Fund is a national leader in residential and commercial
clean energy financing. Founded in 2010, Ygrene’s award-winning,
privately funded Property Assessed Clean Energy (PACE) program is
revolutionizing the home improvement industry, making it easier for
property owners to invest in their futures and a healthier
environment. Ygrene is delivering greater choice for home and business
owners by providing accessible and affordable financing for energy
efficiency, renewables, water conservation, storm protection and seismic
upgrades. Recognized as one of the fastest growing asset classes in the
country, PACE has proven to be a successful tool for supporting public
policy initiatives, all without the use of public tax dollars or
credits. To date, Ygrene has provided over $1 billion of private capital
to more than 400 local communities, creating thousands of jobs and
investing millions into local economies across the U.S. Learn more at ygreneworks.com.
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