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Ygrene Expands Pace Financing To Major Commercial Facility

CHULA VISTA, Calif., Feb. 5, 2015 /PRNewswire/ — Ygrene Energy Fund is proud to announce the completion of downtown Chula Vista’s landmark Gateway Center project.  The Gateway Center is the first large-scale commercial project to invest in solar energy using the Clean Energy Chula Vista Property Assessed Clean Energy (PACE) program.  The Clean Energy Chula Vista PACE program is offered in partnership with the City of Chula Vista and Ygrene Energy Fund. The five-story business center has installed 1,054 solar panels (15 inverters) generating 344.6 KW.

“I am pleased that the Clean Energy Chula Vista program is helping businesses and homeowners with a financing program that provides dollars to invest in solar and other sustainability projects,” said Mary Casillas Salas, Mayor of Chula Vista. “I congratulate MountainWest Real Estate for their commitment to energy savings by installing these panels on the Gateway Center. Projects like this are key to reaching our environmental goals and ensuring clean air for current and future generations.”

The Clean Energy Chula Vista program enables property owners to install solar panels and make other energy and water saving improvements to their homes and businesses and repay the financing through property taxes. Ygrene’s PACE financing program provides privately funded and immediately accessible financing for thousands of upgrades for both residential and commercial property owners with no upfront costs.

“It is very gratifying to see a project of this magnitude come together with the cooperation of the City of Chula Vista, The State of California, Ygrene and Baker Electric,” said Jim Pieri, President of MountainWest Real Estate and owner of Gateway Center. “This solar project will certainly be an asset to the building, its tenants and the community as a whole. It is my desire to see this project be the catalyst for many future projects in the South Bay area.”

Project financing began in August and by year-end 2014, 57 projects have been completed or were in construction with project values of nearly $2.8 million financed through the PACE program. Read more.