OAKLAND, Calif. and ALLENTOWN, Pa., Oct. 7, 2015 /PRNewswire/ -- Renew Financial today announced that it has acquired Pennsylvania-based AFC First Financial Corporation, one of the nation's premier lenders specializing in the energy efficiency home improvement market. The terms of the transaction were not disclosed.
Founded in 1947, AFC First originates energy efficiency loans, solar leases and through utility on-bill financing. AFC First has originated more than $500 million in energy efficiency home improvement loans over the last ten years and currently services a portfolio of more than $100 million in loans. Based in Allentown, Pennsylvania AFC First has 38 employees and a network of more than 5,000 approved contractors across the country.
"This acquisition brings together two of the most innovative and successful clean energy finance companies in the country," said Renew Financial CEO Cisco DeVries. "We have been working closely with Peter and the team at AFC First for years now. Together, we will hit the ground running as a team. Building on our recent acquisition of EcoCity Partners that we announced last week with this deal, we are truly expanding clean energy and energy efficiency financing options across the United States."
This acquisition builds on the Warehouse for Energy Efficiency Loans (WHEEL) program, a public-private partnership launched last year that provides a national financing platform to bring low-cost, large-scale capital to government and utility-sponsored residential energy efficiency loan programs. AFC First created the loan programs, such as Pennsylvania's Keystone HELP, which were the foundation for WHEEL.
"We could not be more pleased to join the Renew Financial family," said AFC First Chairman and CEO Peter Krajsa. "The combination of Renew Financial's groundbreaking leadership on PACE with our longstanding history in energy efficiency lending will create a powerful financing platform to better serve contractors and homeowners, alike. Moreover, having been the creator and an active partner in many state energy loan programs that participate in WHEEL, we look forward to working closely with our new colleagues at Renew Financial to continue that momentum."
About the Warehouse for Energy Efficiency Loans (WHEEL)
WHEEL represents an innovative collaboration among national leaders in finance and energy, including Citi, Renew Financial, the Pennsylvania Treasury, the National Association of State Energy Officials, Energy Programs Consortium and a growing number of states and utilities. The State of Pennsylvania, the State of New York, the Commonwealth of Kentucky, the State of Indiana, the State of Florida, the Commonwealth of Virginia and the Greater Cincinnati Energy Alliance have all joined the WHEEL program, and additional states are expected to join soon. The WHEEL program completed the first securitization of loans in June.
About Renew Financial
Renew Financial was founded in 2008 by Cisco DeVries, who originated the idea of the Property Assessed Clean Energy (PACE) financing model. Endorsed by President Obama and named by Scientific American as one of the top 20 ideas that can change the world, PACE 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 has a partnership with SolarCity targeted at small and medium-sized businesses (SMBs) utilizing PACE, and PACE is also a central component of a major White House clean energy and energy efficiency initiative unveiled in August 2015. Renew Financial's other financing products including the Warehouse for Energy Efficiency Loans (WHEEL), which opens the residential energy efficiency finance market to large institutional investors.
About AFC First Financial Corporation
Founded in 1947 and based in Allentown, Pennsylvania, AFC First is a national leader in energy-efficiency and renewable energy lending and program management. Nationally, it operates its EnergyLoan® program as well as administering programs in partnership with states, utilities, manufacturers and municipalities, including Pennsylvania's Keystone HELP, Energize Connecticut Heating Loan, Illinois Energy Loan, Kentucky Home Performance and Efficiency Maine financing. Programs are offered through a network of over 5,000 approved contractors. AFC First is the nation's first private, non-utility Home Performance with ENERGY STAR sponsor, and the original approved originator and servicer for WHEEL.
SOURCE Renew Financial