Clean energy finance company Renew Financial closed a $200 million revolving credit facility. The new credit facility will provide financing for residential PACE (property assessed clean energy), a program that enables homeowners to finance energy efficiency, renewable energy and water efficiency projects through their property taxes.
Natixis acted as administrative agent and lender for the two-year facility. When fully drawn, the facility will finance energy improvements for more than 7,000 homes. The facility is structured as a revolver, and the company anticipates that it will periodically refinance the line and then re-borrow, enabling it to finance improvements for tens of thousands of homes over the life of the facility.
Brock Wolf, executive director at Natixis, said, “Natixis is committed to continuing to play a leading role in the worldwide expansion of renewable energy financing. We’ve worked with Renew Financial over the past two years in connection with the successful Golden Bear warehouse and securitization transactions. We were gratified to be chosen by Renew Financial to work on this transaction and look forward to continuing this strong relationship for years to come.”
Kirk Inglis, CFO of Renew said, “The closing of the facility marks a new phase in our business plan where we are transitioning from being a PACE asset originator to being a PACE asset owner. As an owner of assets, we now have access to a variety of financing options that we can utilize to lower our cost of capital and drive profitability.”