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Deals

Maples Group's Finance Team Support US$344 Million Green Bond Issuance

05 May 2022

The Maples Group is pleased to announce that a multi-disciplinary team of lawyers and professionals recently provided Cayman Islands legal advice and fiduciary services to GoodGreen 2022-1, the Cayman Islands issuer of US$344 million of Green Bonds backed by a portfolio of Property Assessed Clean Energy ("PACE") assets. 

This is the latest PACE deal sponsored by Ygrene, one of the United States' leading property improvement financing providers for residential and commercial clean energy and resiliency improvements.  Since its inception, Ygrene has completed 12 securitisation transactions, many of which the Maples Group has supported, totalling over $2.5 billion with funding going towards over 100,000 projects, further solidifying its leadership position in delivering innovative financing solutions that help solve some of today's most pressing environmental and social issues.  

The GoodGreen securitisation provides financing on over 9,000 PACE assets covering residential and commercial properties located in 62 counties in California and Florida. 

The Maples Group's Structured Finance team was led by Scott Macdonald, Partner and global head of Finance and Robin Harding, Finance Partner with assistance from Renee Lindo, Finance Associate.  The Group's Fiduciary Services team was led by Senior Vice Presidents Laura Chisholm and Mora Goddard who act as directors of GoodGreen 2022-1.

Commenting on the transaction, Tina Meigh, head of the Cayman Islands Finance practice said: "The environmental impact of investing is at the forefront of global investors' minds and we continue to advise on an ever-increasing number of ESG-focused and sustainable financing transactions in both the securitisation and wider finance space.  We were delighted to work with our long-standing client, Ygrene on this latest securitisation which provides equitable access to an affordable and flexible way for all property owners, including those that reside in under-served communities and are often left out of the equation, to reduce their carbon footprint and protect their properties against the impacts of natural disasters."

Orrick acted as US counsel for Ygrene. 

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