Renew Financial has completed its first securitization of residential property assessed clean energy (PACE) bonds by issuing $50 million in privately placed term notes.
The securitization was structured and placed by Natixis Securities Americas LLC.
Renew Financial is administrator of the CaliforniaFIRST PACE financing program. PACE allows property owners to voluntarily finance the entire cost of energy-efficiency, water-efficiency and renewable-energy upgrades to their homes and businesses and then repay those costs as line items on their property tax bills over the course of up to 25 years.
‘This bond issuance is an important milestone showing our progress toward enabling property owners nationwide to save money while reducing energy use,’ says Cisco DeVries, CEO of Renew Financial, adding that the company has completed financing for over $68 million in energy-efficiency projects in the past year.