Renew Financial Closes $200 Million Credit Facility
Renew Financial, one of the nation’s leading clean energy finance companies, recently announced that it has 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 over 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.
Commenting on the deal, Kirk Inglis, CFO of Renew Financial 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.” “The facility will allow us to continue providing PACE financing at attractive rates to homeowners. Given investor interest in PACE and Renew Financial’s high growth rate, we anticipate that this will be the first in a series of PACE financing transactions,” said Mary Kathryn Lynch, SVP of Capital Markets.
Mimi Frusha, EVP of Financial Operations, commented, “This transaction continues the ongoing relationship between Renew Financial and Natixis. We’ve worked with Natixis in the past in connection with Apollo’s Golden Bear financings and look forward to continuing the strong partnership.” 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.”
Source:PRN
