ING Capital closed a $25 million credit facility with Ygrene, a provider of energy efficiency and resiliency financing. The facility will be used to support the continued growth of Ygrene’s programs while bolstering its liquidity position and lender base.
The unique structure will also expand Ygrene’s capabilities in the areas of contractor advances and course of construction financing of Property Assessed Clean Energy (PACE) eligible projects.
Sustainable financing initiatives remain a strong priority for ING and the addition of Ygrene to its client portfolio further strengthens its commitment to PACE and environmentally friendly initiatives.
“Our PACE program is revolutionizing the home improvement industry by enabling residential and commercial property owners the freedom to invest in their futures and ultimately a more resilient and healthier environment,” said Tim Condon, chief financial officer at Ygrene. “Teaming up with ING through the creation of this new credit facility further strengthens our ability to continue to offer the most comprehensive and flexible PACE financing offering to consumers and businesses.”
“ING has a long track record of providing financing solutions to sustainable and environmentally friendly projects and businesses across global markets and sectors,” said Sandeep Srinath, director, Structured Solutions Group, ING Americas. “We are strong supporters of PACE programs in the U.S. and have seen impressive growth in this market, providing a suite of financing solutions to leading companies in this space such as Ygrene.”
Founded in 2010, Ygrene has provided over $1 billion of private capital to more than 69,000 property owners in over 500 communities, creating thousands of jobs and investing millions into local economies across the U.S.
