Renew Financial, a leading clean energy and home improvement finance company, announced today that it has closed a $300 million revolving credit facility with Morgan Stanley Bank, N.A. and Barclays Bank PLC. The new credit facility will allow Renew Financial to provide financing through Property Assessed Clean Energy (PACE) programs in Florida and California. PACE enables homeowners and business owners to finance the entire cost of qualifying energy efficiency, water efficiency, renewable energy, hurricane-preparedness, and seismic upgrades and then repay the cost of those upgrades through their property tax bill over 5 to 30 years.
“Renew Financial is pleased to partner with Morgan Stanley and Barclays Bank to continue the expansion of PACE financing in Florida and California,” said Mary Kathryn Lynch, Senior Vice President of Capital Markets. “This facility will enable thousands of American homeowners to upgrade their homes so they can live more comfortably and securely.”
“The projects financed through PACE result in significant economic and environmental benefits to property owners and local communities.” said Steven Berkenfeld, Managing Director in the investment banking division at Barclays and Co-Head of the firm’s Clean Energy / Cleantech Initiative.
The economic and environmental benefits of Renew Financial’s market-based financing programs are significant. Renew Financial estimates that over the life of the energy efficiency, water conservation and renewable energy projects it has financed to date, it has:
Cut total greenhouse gas emissions by 2.3 million metric tons – equivalent to the yearly emissions of 485,000 cars
Conserved 877 million gallons of water – enough water for 48 million showers
Realized over $1.5 billion in energy savings
Created more than 15,000 jobs across 15 states
Funded over 83,600 projects
About Renew Financial
Renew Financial Group LLC (“Renew Financial”) is one of the nation’s leading home improvement financing companies. Renew Financial administers and provides multiple financing products across the country, with programs available in several states, including the administration of Property Assessed Clean Energy (PACE) programs operating in California and Florida. PACE is a financing tool enabled by state and local governments that provides homeowners and business owners with access to private capital to finance the entire cost of renewable energy, energy efficiency, water conservation, seismic, and wind mitigation upgrades, and then pay for those upgrades on their property tax bill. PACE was named by Scientific American as one of the “top 20 ideas that can change the world.” PACE is a job-creating policy tool that has enjoyed bipartisan support, having been championed in state legislatures by members from both sides of the aisle.