Renew issues $123 million of bonds in its second PACE securitization

By Wendy Van Sickle

Columbus, Ohio, June 22 – Renew Financial LLC completed its second securitization of residential property assessed clean energy bonds by issuing $123 million in 3.75% bonds.

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

“This second bond issuance is an important milestone, reflecting our progress toward enabling property owners across the country to save money while reducing energy use, as well as the surging demand for this asset class," chief executive officer Cisco DeVries said in the release. "Over our history, Renew Financial has financed projects that reduce more than 1.65 million metric tons of greenhouse gas emissions and cut homeowner energy bills by $900 million.”

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.

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