Renew Financial Closes $200 Million Credit Facility

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Renew Financial Closes $200 Million Credit Facility

Renew Financial, a clean energy finance company, has announced that it has closed a US$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."

List of country news

Country news

  • November 02, 2016

    Amazon Web Services announces Amazon Wind Farm US Central 2

    Amazon Web Services, Inc. (AWS), an Amazon.com company, has announced the Amazon Wind Farm US Central 2, a new 189 MW wind farm in Hardin County, Ohio. Read more
  • October 31, 2016

    WEG to acquire Northern Power System's Utility wind assets

    WEG S.A. has agreed to acquire utility-scale wind turbines business from Northern Power Systems (NPS), a designer and manufacturer of permanent magnet direct drive wind turbines and grid-friendly power technology components, with headquarters in Barre, Vermont, USA. Read more
  • October 28, 2016

    OPIC and I Squared Capital sign commitment for infrastructure investments in Asia

    The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, has signed a commitment to provide US$200 million in financing to ISQ Asia Fund, L.P., an infrastructure fund managed by U.S.-based infrastructure investor I Squared Capital. Read more
  • October 27, 2016

    Bidders selected for New England Clean Energy RFP

    The Commonwealth of Massachusetts and the states of Connecticut and Rhode Island have completed their evaluation of proposed projects received in response to the three-state Clean Energy RFP. Read more
  • October 26, 2016

    Invenergy proposes Long Island renewable energy projects

    Invenergy, an independent developer of renewable energy projects, has announced the largest renewable project ever proposed for Long Island in New York (U.S.). Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.