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Figtree Energy Resource Company funds PACE projects in CA

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.

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