"This third bond issuance is an important milestone for both the company and the asset class. PACE is recognized as a growing asset class with exceptional investor demand. As a company, we continue to further our mission. With this transaction alone, Renew financed projects that will reduce more than 140 thousand metric tons of greenhouse gas emissions. We are pleased with the continued growth," commented Cisco DeVries, CEO of Renew Financial.
Renew Financial announced its first securitization of residential PACE bonds totaling $50 million in September, 2015, followed by a second securitization totaling $123M in June of 2016. This securitization builds on Renew Financial's recent close of a $200M revolving credit facility with Natixis.
Brock Wolf, Executive Director at Natixis, said: "Natixis remains committed to playing a leading role in offering financing solutions for clean energy across the world. Renew Financial is an exemplary clean energy platform, and we are very proud of the strong relationship we have developed with Cisco and his team across a number of successful transactions."
About Renew Financial
Renew Financial is one of the nation's leading clean energy financing companies. Founded in 2008 by Cisco DeVries, who created the concept of the Property Assessed Clean Energy (PACE) financing model, Renew Financial now provides multiple financing products across the U.S. PACE — which was endorsed by President Obama and named by Scientific American as one of the top 20 ideas that can change the world — enables property owners to finance the entire cost of energy and water efficiency and renewable energy upgrades to their homes and businesses, and then repay those costs on their property tax bill. Renew Financial's other financing products include residential unsecured loans (ReHome), utility on-bill financing, and others. Renew Financial partners with Rainforest Trust to preserve endangered rainforest with a donation made for every completed project.
Renew Financial is a pending trademark of Renewable Funding LLC. The Renew Financial PACE program is sponsored by the California Statewide Communities Development Authority or by Los Angeles County and is administered by Renew Financial Group LLC.
Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France with 35 million clients spread over two retail banking networks, Banque Populaire and Caisse d'Epargne.
With more than 16,000 employees, Natixis has a number of areas of expertise that are organized into three main business lines: Corporate & Investment Banking, Investment Solutions & Insurance, and Specialized Financial Services. A global player, Natixis has its own client base of companies, financial institutions and institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of Groupe BPCE's banking networks.
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SOURCE Renew Financial