Figtree Financing on Monday said it had raised $30 million to expand its commercial clean energy financing program outside California and launch a residential program.
Figtree finances energy- and water-saving upgrades through a Property Assessed Clean Energy program, which allows property owners to fund the upgrades though added assessments on their property tax bill. Figtree administers the California Enterprise Development Authority’s PACE program.
The company said the investment, led by private equity firm LL Funds, would allow it to launch new commercial programs in Colorado, Virginia, Maryland and Missouri. It will also launch a product for residential property owners in the next three to six months, CEO Mahesh Shah said. Figtree has funded tens of millions of dollars’ worth of projects so far, he said.