Hanover venture fund invests in California company
$30 million investment to help energy financing firm’s expansion
Hanover-based New Energy Capital Partners has invested $30 million in mezzanine financing in California-based Ygrene Energy Fund, a provider of residential commercial and multifamily PACE (property assessed clean energy) financing.
NECP, an investor in clean infrastructure assets, made the investment through its New Energy Capital Infrastructure Credit Fund.
The new capital brings Ygrene’s PACE asset financing capacity to $280 million and “will support the growth of Ygrene's PACE programs nationally," said Ian Marcus, principal at NEPC. "We are very happy to be working with Ygrene on this financing and are pleased to begin what we see as a long-term relationship."
To date, Ygrene has been approved by 319 cities and counties across California, Florida, Georgia, and Missouri, and completed projects across multiple states for over $612 million in property upgrades, representing an estimated $1.5 billion in economic stimulus and 9,186 new jobs created and sustained for local communities.
Patrick Fox, partner at NECP said Ygrene has “an outstanding management team with an extensive track record of success.”