OAKLAND, Calif., Feb. 11, 2016 /PRNewswire/ -- Renew Financial, one of the nation's leading clean energy finance companies, today announced that it has raised $70 million in growth capital. Major participants in the funding round include 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 (Property Assessed Clean Energy) 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."
The round comes on the heels of a string of major developments for the company 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 our 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.
Commenting on the deal, Angeleno Group Managing Partner and Renew Financial Board member Yaniv Tepper said, "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. This is an opportune time for us to renew our commitment to the company's mission."
"Financing models focused on renewable energy are undergoing a speedy evolution, from an emerging asset class to a mature one," commented Paul Straub, Managing Director at Claremont Creek Ventures, and also a member of Renew Financial's Board of Directors. "From its strong momentum with the PACE model to its investment-grade securitizations, Renew Financial is uniquely positioned to shape the next phase in this evolution, and we are pleased to continue to support their leadership in the industry."
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, 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.
About Angeleno Group
Founded in 2001, Angeleno Group is a pioneer in providing growth capital for next generation clean energy and natural resources companies. AG invests opportunistically in a range of deal types, with a strategy that is sector-focused, stage-agnostic and research-driven. Since its founding, AG has become one of the largest dedicated energy growth equity investment firms, making investments on a global basis with investment professionals operating in the U.S., Asia and Australia. Visit www.angelenogroup.com.
About Apollo Investment Corporation
Apollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that invests primarily in various forms of debt investments, including secured and unsecured loan investments, and/or equity in private middle-market companies. The Company also invests in the securities of public companies and structured products and other investments such as collateralized loan obligations. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, LLC, a leading global alternative investment manager. Visit www.apolloic.com.
About Claremont Creek Ventures Claremont Creek Ventures (CCV) is a seed and early stage venture firm. CCV invests in companies that serve essential, broad-impact industries with innovative digital solutions that increase efficiency or create entirely new high-growth, high-margin businesses. As part of CCV's investment strategy, the firm practices "life cycle venturing": establishing in-depth, active relationships with entrepreneurs alongside or even ahead of early-stage funding events. Claremont Creek Ventures has invested in over 40 companies including Clean Power Finance, EcoATM, and Natera and manages more than $300 million across two funds. Visit www.claremontcreek.com.
About LL Funds, Inc. Founded in 2009, LL Funds, LLC is an independent investment manager focused on identifying opportunistic investments with substantial positive return asymmetry, focusing primarily on the mortgage market. Currently LL Funds manages $1.4 billion for endowments, foundations, individuals and family offices with a team of 10 professionals.
About NGEN Partners NGEN Partners is an active venture investor committed to backing world class entrepreneurs seeking to change industries through innovation, creativity and the promotion of environmentally sustainable products and services. Founded in 2001, NGEN Partners invests in companies that positively improve the environment and human wellness. Visit www.ngenpartners.com.
About Prelude Ventures Prelude Ventures was founded in 2009 as a new platform for venture investing in the cleantech sector. Prelude partners with inspired entrepreneurs who share a passion for technology innovation as a means to reduce global C02, and believes that the best way to truly make a difference is to build successful companies. The platform combines a long-term commitment to the sector, willingness to accept informed risks, the capital to enable companies to develop on appropriate timelines and a fundamental emphasis on venture-level returns. As a multi-stage investor, Prelude does not shy away from early stage opportunities and also has the financial resources to participate significantly in growth stage financings. Visit www.preludeventures.com.
SOURCE Renew Financial