Clean Energy Financing Program Available In Atlanta
Invest Atlanta, Atlanta’s economic development authority, has partnered with Ygrene to implement a funding program that will make $ 500 million available to commercial property owners for clean energy upgrades.
Ygrene is a valued clean energy finance provider for commercial properties (C-Pace). 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.
Invest Atlanta’s board of directors subsequently unanimously authorized $ 500 million in bonds for the program. The program aims to help Atlanta meet a city-wide goal of switching to 100% renewable energy by 2035.
“By encouraging energy and water improvements for qualifying properties, we will create jobs and meet the city’s broader sustainability goals while upgrading buildings across the city for more efficient use,” said Eloisa Klementich, President and CEO of Invest Atlanta.
“We are excited to launch a program that will help Atlanta meet its goal of 100% clean energy by 2025.”
“By encouraging energy and water improvements for qualifying properties, we will create jobs and meet the city’s broader sustainability goals while upgrading buildings across the city for more efficient use.”
The program will provide 100% fixed rate off-balance sheet financing with terms of up to 20 years. Financing amounts are flexible to support multiple types of properties, from small and medium complexes to large commercial complexes, up to 10%, or more, of the building value.
The program will be administered by Invest Atlanta, with Ygrene managing it and providing funding for the project.