Bloomberg News: Renew Financial Raises $70 Million in Funding Round
(Bloomberg) -- Renew Financial LLC, which provides financing for energy-efficiency and renewable-energy upgrades, raised $70 million in funding to expand into new regions. Investors in the Series D funding round include Angeleno Group, Apollo Capital Management LP, Claremont Creek Ventures, LL Funds Inc., NGEN Partners and Prelude Ventures LLC, Oakland, California-based Renew said in a statement Thursday. Renew has now raised more than $115 million.
Cisco DeVries, Renew's chief executive officer, said 2016 would be a year of expansion for the company. "It was the time to go big or go home," he said in an interview. "We decided to go big." Renew is accelerating its roll-out of Property Assessed Clean Energy financing, better known as PACE. The company's PACE program has focused on financing solar and energy efficiency at residential and commercial properties in California. Renew is planning to start a similar one on in Florida. Under this arrangement, property tax assessments are used to repay loans.
The company also offers unsecured residential financing loans based on personal credit in several states, including Illinois and New York. These often help finance furnace replacements. The average PACE product is $25,000 and the average unsecured loan is about $10,000, said DeVries, who created the PACE concept.
"We're at the beginning of the change in energy," DeVries said. "It's a lot more distributed, a lot cleaner."
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