One of the United States’ leading clean energy finance companies, Renew Financial, has announced that it raised $70 million in growth capital.
Renew Financial, based out of California, announced on its website this week that it had successfully raised $70 million, thanks to investors such as Angeleno Group, Apollo Capital Management, Claremont Creek Ventures, LL Funds, Inc., NGEN Partners, and Prelude Ventures.
“Renew Financial is changing the way Americans finance clean energy and energy efficiency upgrades for homes and businesses alike,” said Cisco DeVries, CEO of Renew Financial and the inventor of PACE financing. “This major funding round will allow us to dramatically accelerate the nationwide rollout of PACE programs, our ReHome loans and other innovative financing products. With over $750 million in committed capital behind our finance products, we are excited to continue our leadership of the clean energy revolution.”
PACE financing, or Property Assessed Clean Energy financing, is the increasingly popular means for financing energy efficiency upgrade or renewable energy installations on buildings. According to the US Energy Department, “PACE programs allow local governments, state governments, or other inter-jurisdictional authorities, when authorized by state law, to fund the up-front cost of energy improvements on commercial and residential properties, which are paid back over time by the property owners.”
This latest round of financing comes hot on the heels of a number of other major developments for Renew Financial over the past few months, including:
- Launch of the company’s ReHome loan program in New York state in partnership with NY Green Bank, as announced by Governor Cuomo
- The company’s acquisition of AFC First, a leading energy efficiency lender, and EcoCity Partners, the Florida-based PACE company
- Endorsement of PACE by President Obama in a major energy policy speech
- Completion of investment-grade securitizations from a portfolio of clean energy loans and PACE bonds
- Origination of over $150 million in PACE-financed home improvement projects from its CaliforniaFIRST program
- A new partnership between the company and SolarCity to provide medium-sized businesses financing for new solar systems.
“More and more homeowners and business owners are seeing the value proposition of investing in renewable energy and energy efficiency, and Renew Financial is enabling them to smoothly and easily make these climate-friendly investments better than anyone in the business,” added Yaniv Tepper, Angeleno Group Managing Partner and Renew Financial Board member. “This is an opportune time for us to renew our commitment to the company’s mission.
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