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Green Evaluation: Ygrene Energy Fund Inc.'s GoodGreen Series 2019-1 Notes, January 9, 2019

GoodGreen 2019-1 is a special purpose vehicle (SPV) created to issue $225 million in private placement notes (series 2019-1) secured by a portfolio of property-assessed clean energy (PACE) assets in California and Florida. 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; a special tax or an annual or semiannual assessment on a property’s tax bill repays the financing. Ygrene Energy Fund Inc., the transaction sponsor, is a leading financing company that provides residential, multifamily, and commercial property PACE financing throughout the U.S. It 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 2019-1 and are payable solely from the PACE assets.

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