SAN DIEGO — Renovate America, a leading provider of residential Property Assessed Clean Energy (PACE) financing, in partnership with 400 Capital Management LLC, announced the completion of their second securitization of residential PACE Bonds, which resulted in the issuance of $129,145,000 in Class A Notes. The two firms completed the first ever securitization of residential PACE Bonds earlier this year. To date, the program has issued a total of $232,949,000 in Class A Notes.

Renovate America partners with local municipalities to provide the Home Energy Renovation Opportunity (HERO) Program to property owners, who in turn use the program to finance a variety of products to save energy and conserve water including: energy efficient HVAC, solar power, water capture systems, and more. The HERO Program provides 100 percent financing for energy and water saving products for up to 20 years with fixed interest rates designed to make payments affordable. Property owners make payments along with their property taxes, and in the event the property is sold, any remaining balance can legally transfer to the new owner.

Since 2011, the HERO Program has helped more than 18,000 property owners make more than $375 million in improvements to their homes to reduce energy and water consumption, saving homeowners an estimated $640 million in future utility costs. In addition, it is estimated that more than 3,000 local jobs have been created as a result of the program. “The HERO Program is empowering homeowners and communities across California to conserve both financial and natural resources while spurring job growth,” said J.P. McNeill, CEO of Renovate America.

“Investors are very interested in funding improvements which create jobs, conserve America’s resources, and enable Americans to become more energy independent,” said Chris Hentemann, managing partner of 400 Capital. “Our partnership with Renovate America has allowed their customers to access repeatable and scalable institutional capital to support these initiatives.”

The HERO Program is the largest and most successful residential PACE Program in the United States. More than 200 cities and counties have adopted the program across California, including the cities of San Diego, San Jose, Fresno, Riverside, Anaheim, Santa Ana, Bakersfield, and San Bernardino, among others.

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For more information about the HERO Program, visit

Publication date: 12/1/2014

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