PETALUMA, Calif.--(BUSINESS WIRE)--Ygrene, the nation’s leading provider of commercial property assessed clean energy (C-PACE) financing, today announced its partnership with Invest Atlanta on a new C-PACE program in Atlanta that offers an alternative to traditional options for energy efficiency, water conservation, and renewable energy upgrades to new and existing buildings as well as retroactive financing for completed projects. With Ygrene’s extended terms and fixed-rate financing, property owners can preserve capital and reduce long-term costs.
“By encouraging energy and water efficiency upgrades for qualifying properties, we will create jobs as well as meet the city’s larger sustainability goals while modernizing buildings throughout the city for a more efficient use,” said Eloisa Klementich, President and CEO of Invest Atlanta. “We are thrilled to launch a program that will help Atlanta achieve its 100% clean energy goal by 2025.”
“We are excited to be partnering with the City of Atlanta to help enhance the city’s leadership in sustainability by providing Ygrene financing for a wide array of projects and upgrades to thousands of commercial properties, including new development and the much-needed overhaul of buildings throughout the city. Ygrene has provided critical financing for more than 1,400 commercial property improvement projects across the U.S. – representing over 50% of all C-PACE transactions – delivering this smart, innovative financing solution to support the development and growth of businesses. We look forward to doing the same for Atlanta and to building a successful, long-term partnership,” said Jim Reinhart, CEO of Ygrene.
Ygrene offers 100% fixed rate, off-balance-sheet financing with terms up to 20 years. Financing amounts are flexible to support multiple property types from small and mid-size to large commercial complexes, going up to 10%, or more, of the building’s value. Repayment is made through annual special tax assessments. The program will be administered through Invest Atlanta, the City of Atlanta’s economic development authority. Information on the program and how to apply is available on Invest Atlanta’s website.
The Atlanta City Council approved the creation of the PACE program in June 2017 through an ordinance that included a public-private partnership agreement with Ygrene. Subsequently, the Invest Atlanta Board of Directors unanimously authorized $500 million in bonds for the program. The City of Atlanta has been a leader in the Better Buildings Challenge effort to make commercial buildings more efficient and currently leads all participating cities with more than 110 million square feet of space committed to this effort. To date, 586 structures have reduced their energy consumption by 17 percent. Last year, the Atlanta City Council unanimously passed a resolution to set the citywide goal of transitioning to 100% renewable energy by 2035. Ygrene is proud to offer a vital tool to assist the City of Atlanta in accomplishing this impressive goal.
About Ygrene Commercial
Ygrene is the national leader in Commercial Property Assessed Clean Energy (C-PACE) financing. For property owners looking to reduce monthly costs, preserve capital, and increase property values, Ygrene offers financing for upgrades to new or existing buildings, as well as retroactive financing with repayment through annual special tax assessments. C-PACE projects financed by Ygrene are estimated to have created more than 2,900 job years and more than $400 million in local economic output, all while reducing lifetime carbon emissions by an estimated 450,000 metric tons – without the use of public tax dollars or credits. Learn more at ygrene.com/commercial.