PACE financing for residential solar has been on the rise again since early 2014. It now seems to be running quite effectively in many residential markets. PACE for commercial financing has been growing as well, but its been slower. Having just raised $30 million in growth capital from Virgo Investment Group, Ygrene Energy Fund is helping to speed the growth of commercial PACE financing. Ygrene provides residential PACE financing as well, so residential installations will not be left out in the cold.
Ygrene partners with local governments to provide PACE financing to property owners to make energy upgrades to their homes or buildings. It will use the funds to grow its channel contractor network, further expand its national footprint, and accelerate market awareness for PACE financing. Ygrene has also appointed Mike Cary, former President of CIT Home Lending, as COO to immediately execute on its growth initiatives.
“The Virgo investment demonstrates the power of our financing platform and confidence in Ygrene to further secure our leadership position in the rapidly growing PACE financing industry,” said Stacey Lawson, Ygrene President and CEO. “PACE financing is gaining broader market adoption every day. Virgo’s capital will allow Ygrene to meet the increasing demand from contractors and property owners, scale our operations and expand our footprint into more cities and counties across California and Florida.”
“Ygrene is unique in that it has been successful with both residential and commercial PACE financings, and is the only company that has funded projects in multiple states,” said Virgo partner Mack McNair, who leads Virgo’s financial services investments. “Ygrene has a large addressable market opportunity and is filled with the talent and energy to expand origination the right way. We’re excited to join the board and leverage our ideas and network in the financial services sector to accelerate that growth plan.”
Mike Cary will manage Ygrene’s marketing, origination, underwriting, and funding operations and will report directly to Lawson. “Mike Cary is a force,” Lawson said, adding “He took CIT from $200 million to $550 million in originations in 18 months. That and his 30 years of experience in the real estate, mortgage, and finance industries signaled to me immediately that he’s the right person to rapidly expand Ygrene’s offerings.”