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.