Renovate America Completes $240 million Securitization
Leading provider of Residential Property Assessed Clean Energy financing in the U.S. announces completion of their third securitization of PACE Bonds
SAN DIEGO, April 29, 2015 /PRNewswire/ -- Renovate America, the leading provider of Residential Property Assessed Clean Energy (PACE) financing in the U.S., announced the completion of their third securitization of PACE Bonds by issuing $240,106,000 in Class A Notes rated AA by Kroll. The Company, in partnership with 400 Capital, completed the first two securitizations of PACE Bonds last year.
Renovate America partners with local municipalities to provide the HERO Program (Home Energy Renovation Opportunity) to property owners, who in turn use the program to finance a wide variety of products to conserve water and save energy including: solar power; energy efficient HVAC, windows, roofing; water capture systems and artificial turf. The HERO Program is unique in that it provides 100% financing for energy and water savings products for up to 20 years with fixed interest rates designed to make payments affordable. Property owners make payments along with their property taxes, and in the event the property is sold, in many cases the remaining balance can legally transfer to the new owner.
Since 2011, the HERO Program has helped more than 30,000 property owners make more than $600 million in improvements to their homes which reduce energy and water consumption, saving homeowners over $1 billion in estimated future utility costs and more than 500 million gallons of water. More than 5,000 local jobs have been created as a result of HERO.
"The HERO Program is empowering homeowners and communities across California to conserve both financial and natural resources while spurring job growth," said J.P. McNeill, CEO of Renovate America. "Drought over much of the West and Southwest has intensified. California recently mandated a 25% reduction in water consumption. HERO is helping homeowners and communities move forward with improvements which support the State's mandates," added Mr. McNeill. "Investors are able to achieve their financial objectives while at the same time provide capital needed to fund improvements which create jobs and conserve resources. It's a great investment on multiple levels."
HERO is the largest and most successful Residential PACE Program in the United States. More than 300 cities and counties have adopted the program across California, including the cities of Los Angeles, San Diego, San Jose, Fresno, Riverside, Anaheim, Santa Ana, Bakersfield, and San Bernardino, among others. The HERO Program has received more than 10 awards nationally including the Governor's Environmental and Economic Leadership Award in California, the Urban Land Institute Best of the Best, and the Southern California Association of Governments President's Award for Excellence.
About Renovate America: Renovate America is the leading provider of Residential Property Assessed Clean Energy (PACE) financing in the U.S. The Company partners with more than 300 cities and counties to make energy efficient and water conservation improvements more affordable through HERO, the fastest growing energy efficiency financing program in the nation. Through HERO, cities and counties are stimulating their local economies with new investments in home improvements that create thousands of new jobs, reduce CO2 emissions, lower utility bills, raise property values, and conserve water. Renovate America has funded more than $600 million energy and water saving projects since HERO launched in Dec. 2011. To learn more about the company visit renovateamerica.com. Additional information on HERO can be found at www.heroprogram.com.
SOURCE Renovate America
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