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Green Evaluation: Ygrene Energy Fund Inc.'s GoodGreen Series 2018-1 Notes, Apr. 10, 2018

GoodGreen 2018-1 is a special purpose vehicle (SPV) created to issue $340.47 million in private placement notes (Series 2018-1) secured by a portfolio of property-assess clean energy (PACE) assets in California and Florida. The total value of the underlying collateral is $351 million. 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 semi-annual assessment on a property's tax bill. Ygrene Energy Fund inc. (Ygrene), the transaction sponsor, is a leading 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 2018-1 and are payable solely from the PACE assets.

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