PACE Funding Group Completes Third Securitization of Residential PACE Assets
Los Gatos, California (March 25, 2019) – PACE Funding Group, LLC, a California-based specialty finance company, announced today that it has completed a $55 million securitization of residential Property Assessed Clean Energy (PACE) assets. The “Green Bond” transaction represents the third asset-backed securitization completed by the Company, following its first two transactions in 2018 for a total of $115 million. The securitization was privately-placed by SunTrust Robinson Humphrey, Inc. and privately-rated by Morningstar Credit Ratings, LLC.
“We pride ourselves on our commitment to consumer protection and policing the contractor channel and we believe that this will differentiate our assets from others in the market. We were very pleased with the reception we received from investors during this process and are thrilled to close our third ABS issue.,” said James Vergara, Head of Capital Markets at PACE Funding Group.
The issuer considered the senior notes to be Green Bonds based on the Green Bond Principles published by the International Capital Market Association.
About PACE Funding Group:
PACE Funding Group, LLC is a leading renewable energy and energy efficiency financing provider with a focus on consumer protection and conservatism. The company’s Property Assessed Clean Energy (PACE) financing enables property owners to invest in their buildings and a healthier environment. PACE has proven to be a successful tool for supporting public policy initiatives across the country, without the use of taxpayer funds. While PACE programs are enabled by state legislation and must be approved by local governments, PACE Funding is not a government program.
Based in Los Gatos, California, PACE Funding Group works with the California Statewide Communities Development Authority (CSCDA), the County of Los Angeles and the Western Riverside Council of Governments (WRCOG). Outside of California, PACE Funding Group has partnered with the Florida Development Finance Corporation (FDFC).