Lightyear Capital Invests $95 Million in Ygrene Energy
The provider of financing for home improvements will use the investment to support its growth.
By LUIS GARCIA
Lightyear Capital said it invested $95 million in Ygrene Energy Fund Inc., a provider of clean-energy financing for residential, multifamily and commercial improvements.
New York-based Lightyear’s investment will support Ygrene’s growth and bring its combined asset and operating capital raised to more than $1 billion, according to a news release.
Based in Santa Rosa, Calif., Ygrene uses the Property Assessed Clean Energy program, or PACE, to finance residential and commercial improvements related to energy efficiency, renewable energy, climate resiliency and water conservation in California, Florida and Missouri, according to the release. Lightyear said Ygrene has already approved more than $1.85 billion of such projects since its creation in 2010.
In November, Ygrene secured a $30-million financing facility from New Energy Capital Partners, which invests in the renewable-energy sector.
Lightyear focuses on financial services and makes primarily control investments in the sector’s midmarket companies operating in North America. The private-equity firm has raised more than $2.5 billion in capital since 2000, according to its website.
Corrections & Amplifications:
Lightyear Capital has raised more than $2.5 billion in capital since 2000. An earlier version of this article misstated the year as 2010.