On the cusp of saying an infusion of capital and a shift in growth plans for its alternative routes to pay for energy-related property upgrades, Ygrene has made an unspecified variety of job cuts, together with at its Petaluma headquarters.
“To focus on new areas of progress for the corporate required some restructuring,” firm spokesperson Morgan Hook advised the Enterprise Journal on Tuesday night when requested about stories from native workers of layoffs. Hook declined to say what number of jobs are affected.
That restructuring is approaching the heels of an undisclosed “substantial funding” Ygrene plans to announce extra particulars Wednesday morning which might be a part of this “largely optimistic” “new strategic imaginative and prescient” for the corporate going ahead, Hook mentioned.
That’s set to incorporate an expanded portfolio of residential challenge financing, together with the launch nationwide of home-improvement loans along with the corporate’s mainstay methodology since its founding — financing tied to property-tax senior liens.
“At Ygrene, we’re devoted to creating it doable for property house owners to improve and defend their most useful asset – their residence or enterprise. We’re thrilled in regards to the alternative to supply new and modern services and products to raised serve their wants,” mentioned Jim Reinhart, president and CEO, in a press release.
Ygrene administers these property-assessed clear vitality (PACE) packages for native governments in California, Florida and Missouri, the one three states with energetic residential PACE packages. Ygrene operates the business program (C-PACE) for Fulton County, Georgia.
Residential PACE packages have come underneath regulatory scrutiny lately after claims from some owners that it wasn’t made clear that not making funds for tasks may lead to a foreclosing on the house. That has led to reforms by California and different states.
Ygrene plans to develop additional into C-PACE packages, Hook mentioned. As a result of such financing is secured by business property traders, it hasn’t drawn a lot consideration from regulators.
Jeff Quackenbush covers wine, development and actual property. Earlier than coming to the Enterprise Journal in 1999, he wrote for Bay Metropolis Information Service in San Francisco. Attain him at firstname.lastname@example.org or 707-521-4256.