PACE Funding Group Completes its Inaugural Securitization of Residential PACE in Collaboration with Natixis
PACE Funding Group LLC, a California-based specialty finance company, announced today that it has completed its first securitization of residential Property Assessed Clean Energy (PACE) assets. The $50 million “Green Bond” transaction was privately placed by Natixis Securities Americas, LLC and privately rated by Morningstar Credit Ratings, LLC.
“This transaction represents a milestone achievement for our growing residential PACE franchise”, said Robert Giles, CEO of PACE Funding Group. “The team at PACE Funding is dedicated to providing cost-efficient financing to homeowners looking to finance energy efficiency, water efficiency, and renewable energy upgrades to their homes,” said Mr. Giles.
“Our ability to access the term securitization capitalmarkets is a strong validation for our platform’s growth and success. We were fortunate to work with thevery experienced PACE banking team at Natixis,” continued Mr. Giles.
"Natixis is committed to providing clean energy finance solutions to clients throughout the world, and we are proud to support the team at PACE Funding Group on their inaugural “Green Bond” securitization,” said Kevin Alexander, Head of Global Markets and Investment Banking Americas for Natixis.
The issuer considered the senior notes to be Green Bonds based on the Green Bond Principles published by the International Capital Market Association.
PACE Funding Group provides financing to property owners to make their buildings more energy efficient or install clean energy systems through a structure called Property Assessed Clean Energy (PACE) which allows repayment to be made through the property tax bill. PACE can provide 100 percent of the hard and soft costs and allows building owners to use energy savings to cover the repayment.
Based in Los Gatos California, PACE Funding Group is one of the leading residential PACE financing providers. In California, PACE Funding Group works with California Statewide Communities Development Authority (CSCDA) and with Western Riverside Council of Governments (WRCOG). Outside of California, PACE Funding Group works with the Florida Development Finance Corporation (FDFC).