NEW YORK, Sept. 10, 2018 /PRNewswire/ -- ING Capital LLC
("ING") announced today that it has closed a $25 million credit facility with Ygrene, a
national leader in energy efficiency and resiliency financing. The
unique structure will expand Ygrene's capabilities in the areas of
contractor advances and course of construction financing of
Property Assessed Clean Energy (PACE) eligible projects. The
facility will support the continued growth of Ygrene's programs
while bolstering its liquidity position and lender base.
Sustainable financing initiatives remains 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."
Press enquiries:
Elaine Clark
Elaine.Clark@ing.com
+1646-424-7021
ING CAPITAL LLC
ING Capital LLC is a financial
services firm offering a full array of wholesale financial lending
products and advisory services to its corporate and institutional
clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank
NV, part of ING Group (NYSE: ING), a global financial institution
of Dutch origin. The purpose of ING Bank is empowering people to
stay a step ahead in life and in business. ING Bank's more than
51,000 employees offer retail and wholesale banking services to
customers in over 40 countries.
ABOUT YGRENE
Ygrene is a national leader in
residential and commercial energy efficiency and resiliency project
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 69,000 property owners in over 500 communities, creating
thousands of jobs and investing millions into local economies
across the U.S. While PACE programs are enabled by state
legislation and must be approved by local governments, Ygrene is
not a government program. Learn more at ygrene.com.
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SOURCE ING Capital LLC