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ING Closes $25MM Credit Facility for Ygrene

September 11, 2018, 07:07 AM
Filed Under: Construction

ING Capital LLC announced 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."

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