Renew Financial Acquires EcoCity Partners to Expand PACE Financing in Florida and Nationwide
Positions Renew Financial to Provide Commercial and Residential PACE Through the Florida Green Energy Works Program OAKLAND, Calif. and ST. PETERSBURG, Fla., Sept. 29, 2015 /PRNewswire/ -- Renew Financial, a leading clean energy finance company, today announced it has acquired EcoCity Partners, a leading Property Assessed Clean Energy (PACE) program administrator. Based in St. Petersburg, EcoCity Partners created and administers the Florida Green Energy Works Program, a PACEprogram serving local governments from South Florida to the Panhandle. "I am very pleased that we can bring EcoCity Partners into the Renew Financial family. Together, we will be able to quickly scale ourPACE offerings across the State of Florida," said Renew Financial CEO Cisco DeVries. "We have worked closely with EcoCity Partners for years and their Florida program is modeled on our CaliforniaFIRST PACE financing program. We expect the integration to be smooth and us to greatly enhance the PACE experience in Florida very shortly." Effective immediately, the EcoCity Partners team, which includes Erin L. Deady and Principals Amy Elliott and Maureen Eppley, will be joining Renew Financial. Michael Wallander, a Principal of EcoCity Partners and also the founder and President of Demeter Power, will support the integration before shifting his focus fulltime on his work with Demeter Power. "For all of our cities and counties, our contractors and our property-owner customers, we could not be more excited," said Mr. Wallander. "We are looking forward to working closely with Cisco and his colleagues at Renew Financial to continue to scale PACE inFlorida and nationally for many years to come." The acquisition and partnership were finalized shortly after President Obama and the Federal Housing Administration announced support for PACE. In addition to the acquisition, Renew Financial also entered a strategic alliance with Demeter Power Group, a Florida-based leader in financing of solar installations for small- and medium-sized businesses. Demeter specializes in financing commercial projects using its "PACE Lease" approach - which combines PACE financing with components of a traditional solar lease. The alliance will provide preferred access to programs administered by Renew Financial nationally. Demeter Power will also license its proprietary commercial PACE underwriting software to Renew Financial. Mr. DeVries added, "Demeter Power Group has spearheaded a truly innovative commercial solar financing product aimed particularly at helping contractors close more deals, having successfully funded such PACE Lease projects in both California and Florida. Our partnership with Demeter will further build our leadership position in providing a full spectrum of financing options for renewable energy and energy and water efficiency upgrades on commercial properties."
About Renew Financial
Renew Financial was founded in 2008 by Cisco DeVries, who originated the idea of the Property Assessed Clean Energy (PACE) financing model. Endorsed by President Obama and named by Scientific American as one of the top 20 ideas that can change the world, PACE enables property owners to finance the entire cost of energy and water efficiency and renewable energy upgrades to their homes and businesses, and then repay those costs on their property tax bill. Renew Financial has a partnership with SolarCity targeted at small and medium-sized businesses (SMBs) utilizing PACE, and PACE is also a central component of a major White House clean energy initiative unveiled in August 2015. Renew Financial's other financing products including the Warehouse for Energy Efficiency Loans (WHEEL), which opens the residential energy efficiency finance market to large institutional investors. Additional information may be found at renewfinancial.com | @RenewFinancial | LinkedIn | Facebook | Blog
About EcoCity Partners
EcoCity Partners develops innovative public-private partnerships that create green jobs, facilitate renewable energy and energy efficiency property improvements and strengthen communities. We bridge the varied interests of local governments, non-profit community economic development organizations and private sector service providers. Additional information may be found at ecocitypartners.com | @EcoCityPartners | Facebook |
About Demeter Power Group
Demeter Power pioneered no-money-down solar financing for the small and medium business (SMB) segment. Demeter's PACE Lease® combines the tax-efficiency of leases with the credit-enhancement of PACE, unlocking solar for the 90% of businesses and commercial properties that do not have access to traditional solar financing. Contractors can register to use Demeter's PACE3P®software to simplify the PACE Lease® financing process here. Additional information may be found at demeterpower.com | @DemeterPower |