Starwood Commits $500M to Energy Upgrade Projects

(Bloomberg)—Starwood Capital Group LLC committed about $500 million to help a California lender finance environmentally friendly upgrades on commercial properties.

CleanFund, based in Sausalito, California, provides financing using a model called PACE — or property assessed clean energy — to help building owners upgrade insulation, install high-efficiency lighting and take other conservation measures.

CleanFund announced the backing from Starwood Sustainable Credit in a statement Tuesday. The company also said it hired a new chief executive officer, Lain Gutierrez, and received an investment from Vulcan Capital. Gutierrez previously worked as a senior rating analyst at DBRS Inc. CleanFund did not disclose terms of the Vulcan investment.

To contact the reporter on this story: Brian Eckhouse in New York at [email protected] To contact the editors responsible for this story: Lynn Doan at [email protected] Joe Ryan, Will Wade

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