Renovate America issues $201.53 million class A notes in fifth securitization of PACE bonds

By Lisa Kerner

Charlotte, N.C., Nov. 25 – Renovate America Inc. said it closed its fifth securitization of PACE bonds by issuing $201,532,000 of class A notes (Kroll: AA, DBRS: AA).

The first four securitizations were completed between March 2014 and July 2015.

Renovate America partners with local municipalities to provide the HERO Program (Home Energy Renovation Opportunity) to property owners, who use it to finance a variety of products to conserve water and save energy, including solar power; energy-efficient HVAC, windows and roofing; water capture systems; and artificial turf.

The HERO program provides 100% financing for energy- and water-saving products for up to 20 years with fixed interest rates. Property owners make payments along with their property taxes.

Renovate America is a San Diego-based provider of residential property assessed clean energy (PACE) financing.

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