(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.
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