Monthly Archives: February 2013

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Financing your Energy and Water Retrofits for your Farm, Commercial Building, or Manufacturing Facility

Thursday, February 21, 2013
9:00am – 12:00pm

The Grand 1401
1401 Fulton Street, 10th Floor
Fresno, CA 93721

Week of February 4 – 10, 2013

By Mike Allen

A San Diego approved financing entity aimed at helping commercial property owners install energy-saving up-grades is close to issuing new bonds to fund a slew of projects this year.

Mahesh Shah, chief executive of Figtree Energy Resource Co., said the company is close to issuing a $5 million private placement bond for funding upgrades on several properties in Fresno and Palm Springs. The firm is hoping to issue similar bonds this year to fund commercial upgrades on San Diego properties. “I’d like to do at least $50 million (in fundings) this year,” Shah said. “Getting into the city of San Diego was a big deal for us.”

In October, the San Diego City Council approved Figtree as a financing agent for a Property Assessed Clean Energy program. The program that operates in California, Florida and a few other states allows property owners to purchase energy-saving improvements such as solar panels and weather stripping through lower cost financing.
In addition to Figtree, other financing companies operating in the same space include San Diego-based Renovate America Inc. and Ygrene Energy Fund Inc.
Shah says Figtree was one of the first to get involved in the PACE program, and issued a $725,000 bond in late 2011 that was “the first multi-jurisdictional PACE issue.”