Renovate America issues $305.31 million in seventh securitization

By Lisa Kerner

Charlotte, N.C., June 6 – Renovate America Inc. said it closed its seventh securitization of PACE bonds by issuing $305,313,000 of class A notes (Kroll: AA/DBRS: AA).

It is the largest ever completed to date by any issuer and a designated green bond, according to a news release.

The Home Energy Renovation Opportunity (HERO) Bond platform is the first asset-backed securities platform to solely produce green bonds, with each of the company’s seven securitizations having been assessed by Sustainalytics, the release stated.

Renovate America partners with local governments to provide the HERO Program to homeowners to finance a wide variety of product installations to conserve water and energy. These installations include energy-efficient products like HVAC, windows and roofing; renewable and alternative products like solar; and water efficiency products for indoor systems and outdoor landscaping.

HERO provides 100% financing for energy and water savings products for up to 20 years with fixed interest rates. Homeowners make payments along with their property taxes.

Renovate America is a San Diego-based provider of financing for energy and water efficiency home improvements in the United States.

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