Renew issues $50 million of term notes in first PACE securitization

By Lisa Kerner

Charlotte, N.C., Sept. 3 – Renew Financial LLC completed its first securitization of residential property assessed clean energy bonds by issuing $50 million in privately placed term notes.

The securitization was structured and placed by Natixis Securities Americas LLC, according to a news release.

“In the past year, we have completed financing for over $68 million in energy efficiency projects, expanded market coverage from 30% of California to 70%, as well as signed a major financing partnership with SolarCity to enable more commercial properties to go solar, said chief executive officer Cisco DeVries. Now, we are building a new, high-quality asset class in the form of a secure bond product that provides a return to investors while supporting the clean energy economy.”

The Oakland, Calif.-based financing company works with more than 300 city and county governments in California to provide PACE financing to about 20 million Californians. PACE allows property owners to finance the cost of energy efficiency, water efficiency, and renewable energy upgrades to homes and businesses.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.