Daniel Passage Discusses Securitization of PACE Projects with the Daily Journal

Winston & Strawn partner Daniel Passage was quoted in the Daily Journal article “Solar and Energy Efficiency Program Catches Wall Street’s Eye,” published December 8, 2014.

The article discusses the growing popularity of the Property Assessed Clean Energy (PACE) program. The Western Riverside Council of Governments issued two securitizations of its PACE projects this year, worth approximately $230 million combined. Deutsche Bank, represented by Mr. Passage, acted as the placement agent. The deals will only get bigger as PACE programs expand, Mr. Passage said, adding that the projects should generate hundreds of millions of dollars annually in the coming years.

“It’s a unique and interesting financial product that never before existed,” he said. “This is yet another different way the money is flowing into renewable energy and energy efficiency nationally. The securitization of these bonds is making it possible for these municipalities to fund, on attractive terms, these projects.”

Mr. Passage is a corporate partner in the firm’s Los Angeles office with over two decades of experience advising issuers, underwriters, and financial institutions on complex financial transactions, with an emphasis on securitizations and structured finance.