Moody’s rates GoodGreen notes GB1

Moody's Investors Service said it assigned a green bond assessment of GB1 (excellent) to the GoodGreen 2016-1 Trust series 2016-1 class A notes and series 2016-1 class B notes, expected to mature in October 2052.

A total of $184.5 million will be issued in the form of $179.5 million in class A notes and $5 million in class B notes.

Issued by GoodGreen 2016-1 Trust, the proceeds will be used on the closing date to acquire Property Assessed Clean Energy (PACE) assets in California and Florida to finance energy efficiency, renewable energy, water conservation and climate resiliency projects.

Coupons and issue date are to be announced.

Proceeds, net of expense and capitalized interest, will be used to acquire the PACE assets originated by Ygrene Energy Fund, Inc., a Delaware corporation. The California PACE assets are authorized pursuant to multiple local agencies under the Mello-Roos Community Facilities Act of 1982: The Golden State Finance Authority, the Coachella Valley Association of Governments, the county of Yolo, and the city of Chula Vista. The Florida PACE assets are authorized under the Green Corridor Property Assessment Clean Energy (PACE) District.

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