Florida PACE Funding Agency Secures $500 Million in Financing for Energy-Related and Wind-Hardening Property Improvements

  Florida PACE Funding Agency Secures $500 Million in Financing for
  Energy-Related and Wind-Hardening Property Improvements

              Participating counties can access funds in 60 days

Business Wire

ORLANDO, Fla. -- February 5, 2013

Florida PACE (Property Assessed Clean Energy) Funding Agency has announced
that it has secured up to $500 million in funding through Samas Capital, LLC
(Samas) to provide business and residential property owners with financing for
energy-related and wind-hardening improvements in counties that choose to
participate. Samas has engaged RBC Capital Markets as structuring agent in the
context of this PACE funding program.

Florida PACE Funding Agency was established as a special purpose unit of local
government to provide voluntary, low-cost financing to property owners for
energy efficiency, renewable energy and wind resistance improvements.
Improvements are to be repaid over time by property owners through a voluntary
special assessment added onto the owner’s property tax bill. The Florida PACE
Funding Agency has the legal authority to issue $2 billion in bonds for the
purpose of funding property improvements, without liability, to any
subscribing county or city.

“By using the Agency’s innovative interlocal subscription model, local
governments will be able to quickly and easily implement a PACE program
without burdening local government staff and without incurring uncertain and
enormous costs and liabilities associated with a stand-alone program,” said
Mike Steigerwald, Executive Director for Florida PACE Funding Agency. “For
property owners, this will mean expedited access to funds for protection of
their properties from Florida’s hurricanes, mitigation of rising energy costs
through energy efficiency improvements, and increases in property value
related to the improvements.”

Just as important, this breakthrough in access to funding for qualifying
property improvements is expected to quickly strengthen Florida’s economy
through materials supply and private sector construction job creation.

Florida PACE Funding Agency’s program is entirely voluntary and is available
only in subscribing counties and municipalities. Subscription is accomplished
by resolution of the county or city commission and a short interlocal
agreement, the form of which has been judicially validated. The Agency expects
to begin funding within the next 60 days.

Samas has been active with PACE financings in California and will bring that
knowledge and expertise to Florida property owners through the Agency’s
scalable statewide program.

“We are honored to have been selected by the Florida PACE Funding Agency for
this statewide effort,” said Mark Aarvig, Managing Director of Samas Capital.
“We believe that the Agency will benefit from a structure that has proven its
capacity to fund these assessment-secured loans through a scalable consistent

Samas was selected through a comprehensive, yearlong public procurement
process coordinated by the Agency and recommended collectively by the Agency’s
Administrator, SAIC; Special/Bond Counsel, Bryant Miller Olive; and the
Financial Advisory Team of First Southwest Company, Public Financial
Management and Southeastern Investment Securities.

“We are proud to be an integral part of the Florida PACE Funding Agency team
and look forward to providing the best and lowest cost PACE financing to
Florida. Our investors are impressed with the uniformity and statewide scale
of the Agency’s inviting interlocal model,” said Mark Aarvig, Principal at
Samas Capital, commented. “We also like the way the Agency is geared to help
counties and cities quickly launch these job creation opportunities. Through
an emphasis on local vendor participation we believe that there will be
significant interest in this Program from property owners that will engage
improvement contractors of their choice. We look forward to helping Florida’s
local governments accomplish the steps of implementing a PACE program, in
order to quickly get this funding to the state’s homeowners and commercial
property owners.”

For more information about subscribing to the program, contact Project Manager
Jonathan Schaefer at (866) 558-3180 or schaeferj@floridapace.gov.

About Florida PACE Funding Agency

The Florida PACE Funding Agency is a special purpose local government formed
by the collaborative efforts of Flagler County and the City of Kissimmee,
Florida. The Agency was created by local governments in order to create the
most transparent and accountable means of providing financing to residential
and non-residential property owners for qualifying energy efficiency,
renewable generation and wind-resistance improvements. Subscription by any
Florida county or city to the Agency’s funding program was intentionally
created to be without liability or cost to counties or cities who desire the
benefits and economic development resulting from the Program. The Agency is
administered by SAIC Energy, Environment & Infrastructure, a subsidiary of
SAIC (SAI, NYSE), who was also selected by a competitive public procurement
process. SAIC is one of the world’s largest corporate concerns focusing on
third party administration of energy savings programs. For more information,
please visit floridapace.gov.

About Samas Capital

Samas Capital is a premier international financial innovator, originator, and
asset manager of structured products. The company principals have a wealth of
experience in asset-backed securities origination, trading, and
securitization. Samas Capital provides innovative financing solutions and
origination processes by structuring financial products that bridge the gap to
the capital markets. Samas Capital has a demonstrated ability to employ
securitization and issuer methodologies to fund and invest in stable and
predictable long-term cash flows. The strong PACE program put in place by the
Agency, coupled with the funding solution provided by Samas, promises to open
an exciting new market that will immediately spur economic activity in each
subscribing community. For more information, please visit samascapital.com.


Ron Sachs Communications
Beth Watson, 407-421-0469
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