Renew Financial Acquires AFC First
October 7, 2015
Acquisition dramatically expands Renew Financial's national footprint and lending capacity AFC First has originated over $500 million in energy improvement loans to date OAKLAND, CA & ALLENTOWN, PA - Renew Financial today announced that it has acquired Pennsylvania-based AFC First Financial Corporation, one of the nation's premier lenders specializing in the energy efficiency home improvement market. The terms of the transaction were not disclosed. Founded in 1947, AFC First originates energy efficiency loans, solar leases and through utility on-bill financing. AFC First has originated more than $500 million in energy efficiency home improvement loans over the last ten years and currently services a portfolio of more than $100 million in loans. Based in Allentown, Pennsylvania AFC First has 38 employees and a network of more than 5,000 approved contractors across the country. "This acquisition brings together two of the most innovative and successful clean energy finance companies in the country," said Renew Financial CEO Cisco DeVries. " We have been working closely with Peter and the team at AFC First for years now. Together, we will hit the ground running as a team. Building on our recent acquisition of EcoCity Partners that we announced last week with this deal, we are truly expanding clean energy and energy efficiency financing options across the United States." This acquisition builds on the Warehouse for Energy Efficiency Loans (WHEEL) program, a public-private partnership launched last year that provides a national financing platform to bring low-cost, large-scale capital to government and utility-sponsored residential energy efficiency loan programs. AFC First created the loan programs, such as Pennsylvania's Keystone HELP, which were the foundation for WHEEL. "We could not be more pleased to join the Renew Financial family," said AFC First Chairman and CEO Peter Krajsa. " The combination of Renew Financial's groundbreaking leadership on PACE with our longstanding history in energy efficiency lending will create a powerful financing platform to better serve contractors and homeowners, alike. Moreover, having been the creator and an active partner in many state energy loan programs that participate in WHEEL, we look forward to working closely with our new colleagues at Renew Financial to continue that momentum."