Renew Financial and Citi Win Energy Efficiency Deal of the Year 2016
March 23, 2016
9th Annual Deals of the Year Awarded by Environmental Finance
Oakland, CA - March 23, 2016 - Renew Financial is proud to accept the Environmental Finance award, in partnership with Citi, for Energy Efficiency Deal of the Year. The award recognizes Renew Financial's and Citi's collaboration on the world's first securitization of a portfolio of energy efficiency loans, marking the creation of an innovative new asset class in a fragmented energy efficiency market.In January of 2015, Citi and Renew Financial closed the first ever asset-backed security (ABS) transaction comprising unsecured energy efficiency loans. Renew Financial and Citi together issued $12.58 million in securities in a new asset class in the form of asset-backed securities (ABS), backed by pools of residential energy efficiency loans."We are honored to receive this recognition from Environmental Finance for our collaboration with Citi and creation of a new asset class," commented Cisco DeVries, President & CEO of Renew Financial. "Although this award was the first of its kind, we see it as just the beginning, and this recognition serves as a reminder of the vast potential of this emerging asset class."Renew Financial raised $70 million in growth capital in February, enabling the company to accelerate the ongoing expansion of its innovative clean energy finance products. The complete list of winners of the Environmental Finance award and additional details is available here.