Dec. 4, 2014: Renovate America Announces Second Securitization to Raise Efficiency Funds
Organization Partners with Municipalities to Provide the Home Energy Renovation Opportunity Program
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.