Renew Financial, one of the nation’s leading clean energy finance companies,recently 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.”