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Green Evaluation: Ygrene Energy Fund Inc.’s GoodGreen Series 2020-1 Notes

GoodGreen 2020-1 is a special-purpose vehicle (SPV) created to issue $318.087 million in private placement series 2020-1 notes secured by a portfolio of property-assessed clean energy (PACE) assets in California, Florida, and Missouri. PACE programs allow for low-cost financing of a variety of energy efficiency, renewable energy, water conservation, storm protection, and seismic improvements on residential and commercial properties that are repaid through a special tax or an annual or semiannual assessment on a property’s tax bill. Ygrene Energy Fund Inc. (Ygrene), the transaction sponsor, is a financing company that provides residential, multifamily, and commercial property PACE financing throughout the U.S. Ygrene provides collateral in the form of the PACE asset portfolio and uses the liens and tax payments to support the securitization. The notes are nonrecourse obligations of GoodGreen 2020-1 and are payable solely from the PACE assets. For purposes of this evaluation, we assess the technologies in the underlying collateral assets, which include building refurbishment, solar photovoltaic (PV) installations, water efficiency retrofits, and energy efficiency measures. The pool also includes seismic improvements, alternative energy, and other projects that are not in scope for our Green Evaluation but are eligible under PACE programs. In our view, this transaction is aligned with the Green Bond Principles 2018 (GBP).

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