Monthly Archives: January 2012

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In an article dated January 27, 2012, Forbes.com contributor Justin Gerdes recognized the Figtree PACE program as a “thriving” energy efficiency and renewable energy financing program.  Forbes.com featured Figtree’s energy financing program as an example of positive developments in the Property Assessed Clean Energy (PACE) movement.  Other PACE financing programs across the nation have stalled in the wake of opposition from the Federal Housing Finance Agency (FHFA) while Figtree has facilitated financing, job creation, and environmental stewardship in local communities.

Figtree’s successful funding of projects in multiple cities is a bright spot on the PACE canvas.  Each property owner participating in this initial round of Figtree PACE financing “highlights an important but under-reported story of the PACE saga: programs for the commercial sector are thriving.”  More than proving that PACE is an attractive financing option, program participants are doing their part to use energy wisely – and saving money at the same time.

To read more, please see “Powerful Solar Financing Program Gets Reprieve.”

San Diego, California, January 18, 2012 – Figtree Energy Resource Company announced today the recent issuance of a $725,000 Property Assessed Clean Energy (PACE) bond that will fund energy-efficient and renewable-energy projects in four different California cities. This PACE bond is the first-of-its-kind in the nation; it represents a new source of money for property improvements and a dynamic job creation program for local communities. The issuance of a multi-jurisdiction bond places California on the leading edge of energy efficiency financing.

Money raised by the bond will fund seven energy-efficient and renewable-energy projects in Fresno, Palm Springs, Clovis and Exeter, California. “PACE bond financing provides property owners fixed-rate, property value based and no credit check financing,” stated Mahesh Shah, CEO of Figtree. “The taxable municipal bond was sold to the capital markets without any state or federal funding assistance – a 100% private program,” Shah continued.

Under Assembly Bill 811, California property owners in special assessment districts may enter into voluntary contractual assessments against their properties to finance energy and water efficiency products. The financed amount incurred by the property owner is repaid over time through annual property tax assessments with the charge appearing as a line item on the property tax bill.

The primary goals of the bill are environmental – to lower greenhouse gas levels and reduce energy and water consumption. However, PACE financing is also seen by cities and counties as a stimulus program that spurs local economic growth and creates new jobs.

“Commercial and industrial property owners are facing high energy costs and environmental regulations. They need a way to purchase energy efficient products right now to improve their bottom line and remain competitive,” stated Joseph Oldham, Sustainability Manager for the city of Fresno, California. “Money from PACE bonds will pay for energy efficient products like solar panels, HVAC systems, insulated roofs and lighting systems; reducing costs and creating jobs for the local economy,” Oldham said.

With the successful issuance of the state’s first multijurisdictional land-secured municipal bonds under Assembly Bill 811, Figtree is now poised to help any and all cities in California with their goals for energy-efficiency and job creation.

Figtree Energy Resource Company of San Diego, California is the program administrator. The joint powers authority used by the participating municipal agencies is Pacific Housing & Finance Agency. The underwriter is O’Connor & Company Securities, Inc. of Newport Beach, California. Bond counsel is Lewis Brisbois Bisgaard & Smith LLP of Los Angeles, California.

Sacramento, California, January 9, 2012 – Announced today was the signing of a highly anticipated partnership agreement between California Enterprise Development Authority (CEDA) and Figtree Energy Resource Company (Figtree). This partnership creates an easy and cost-free path for cities and counties to authorize a financing program for energy and water efficiency products.

Local municipalities can now authorize, with a single resolution, a PACE (Property Assessed Clean Energy) financing program for property owners. “The PACE financing program offered by CEDA and Figtree utilizes bond financing to provide property owners fixed-rate, property value based and no credit check financing,” stated Mahesh Shah, CEO of Figtree. “The financed amount is repaid over time through annual property tax assessments with the charge appearing as a line item on the property tax bill,” Shah continued.

Under Assembly Bill 811, California property owners in special assessment districts may enter into voluntary contractual assessments against their properties, to finance a range of authorized energy and water efficiency products. The primary goals of the bill are environmental – to lower green house gas levels and reduce energy and water consumption. However, PACE financing is also seen by cities and counties as a stimulus program that spurs local economic growth and creates new jobs.

“This agreement will fast-track the process for offering PACE financing to commercial and industrial property owners who are facing new greenhouse gas regulations and higher energy costs. They need a way to purchase energy efficient products right now,” stated Wayne Schell, Chairman of CEDA. “With every installation of energy efficient products – like solar panels, HVAC systems, furnaces and boilers, lighting systems and new insulated roofs – comes jobs with paychecks for the local economy,” Schell said.

PACE financing will now be offered to cities and counties by CEDA (the joint powers authority and issuer of bonds), along with Figtree (the program administrator), and Willdan (the assessment administrator).