The new warehouse line of 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 five 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.