Energy Efficient Equity (E3), a California-based specialty finance company, secured a $150 million asset-backed credit facility from Natixis.
E3 is an originator of Property Assessed Clean Energy (PACE) assets, a financing tool that enables property owners to finance up to 100% of the cost of environmentally or socially responsible home improvements, including renewable energy, energy efficiency and water efficiency.
“This capital-raising transaction will inaugurate a new era for E3”, said Brad Knyal, CEO of E3. “With this new credit facility, we will work to expand our franchise nationally and further build out our industry-leading origination platform that is committed to best-in-class consumer protection and credit underwriting. In addition, we have added an incredible new partner in Natixis and its industry-leading PACE ABS banking team.”
“We are thrilled to be working with E3, a growing platform with a talented and experienced management team. On a global basis, Natixis is committed to supporting clients focused on environmentally and socially responsible financing,” said Kevin Alexander, deputy CEO and head of Global Markets, Natixis CIB Americas. “We have become a leader in the residential PACE ‘green bond’ space over the past several years, and we are excited to build a long-term capital markets relationship with Brad and the entire E3 team.”
