Property-assessed clean energy is growing at a formidable clip, with large securitizations coming in more regular succession.

Ygrene, a leading provider of PACE financing, closed a $145 million private securitization on Tuesday and announced an AAA-rated $184 million public bond. Renew Financial, another PACE provider, closed its third securitization for $115 million earlier this month.

PACE programs allow investments in water- and energy-efficiency retrofits and distributed renewable generation to be paid back through property taxes, which lowers the risk for both lenders and owners. PACE programs can potentially open up a far larger swath of the energy-efficiency market than traditional programs have been able to tap.

The Ygrene public bond, which is labeled as a green bond, includes PACE projects at both homes and businesses in California and Florida.

We saw exceptional demand for this deal, with both A and B notes being oversubscribed,†Rasool Alizadeh, senior director of capital markets at Ygrene, said in a statement. The diversity of our product offering and geographies helped attract a broad range of investors that we look forward to working with as we expand this asset class.†Ygrene expects quarterly securitizations starting next year.

Renew Financial's securitization was also labeled a green bond and comes just a few weeks after Renew closed a $200 million revolving credit facility.

The trend to label PACE securitizations as green bonds comes as the green bond market is exploding. Climate Bond Initiative has estimated there could be upward of $100 billion in green bonds issued this year across the globe.

But with little regulation, investors are not always sure the bonds are being used for projects with a positive environmental impact. Because PACE is used for energy and efficiency improvements, it has positive environmental attributes and is an easier sell to investors who are trying to be diligent about their green bond investments.

Residential PACE continues to be where most of the dollars are flowing, although commercial PACE is more widespread geographically. In September...