Renew Financial Closes Sale of $160 Million in Residential PACE Assets to Amalgamated Bank
In 2019, PACE enabled over 6,500 California & Florida property owners to finance renewable and energy-efficient projects for their homes.
Oakland, Calif. – Today, Renew Financial announced the sale of $160 million of residential Property Assessed Clean Energy (PACE) assets to Amalgamated Bank, America’s socially responsible bank. PACE programs allow property owners to finance the costs of renewable energy, safety, and energy-efficient home improvements at a fixed interest rate with flexible repayment terms.
The PACE assets included in this sale have helped over 6,500 homeowners across California and Florida make their residential properties safer and more energy-efficient. Successful measures financed in the portfolio include solar, hurricane-resilient roofs, impact-resistant windows and doors, battery storage, and HVAC. These sustainable investments enable homeowners to increase the value of their homes and reduce their annual utility costs and GHG emissions. Renew Financial developed PACE as a low-cost, upfront financing solution for a broad range of homeowners, particularly those who traditionally have greater difficulty accessing affordable financing. Beyond the clear financial benefits and consumer protections that PACE offers homeowners, state and local governments also use PACE as an effective public policy tool to reduce local energy and water use and promote home resiliency investments. Since its inception, PACE-financed projects have led to over 321 megawatts of solar-produced energy, 12 billion gallons of water saved, and a reduction of nearly 6 million metric tons of Co2 emissions.
Kirk Inglis, CEO of Renew Financial, commented: “Renew Financial continues to prove that PACE financing provides substantial benefits to both homeowners and local communities across the country. This purchase of PACE assets by Amalgamated Bank is a significant transaction for Renew — it diversifies our funding and, more broadly, demonstrates the attractiveness and success of PACE. We are excited about our continued growth opportunities, and we look forward to continuing to work with Amalgamated Bank to advance our shared environmental sustainability agendas.”
Keith Mestrich, President and CEO of Amalgamated Bank, commented: “ As America’s socially responsible bank, Amalgamated is excited to make a meaningful purchase of PACE assets from Renew Financial. We know our depositors want to see their money invested in projects that align with their values. The energy efficiency and resiliency impacts of PACE assessments in California and Florida serve as great examples of how the financial sector can lead in creating a more sustainable world.”
About Renew Financial
Renew Financial Group LLC (Renew Financial) is one of the nation’s leading providers of financing for sustainable building improvement projects with a bold vision to create financial access to a safe, healthy and sustainable world. Currently, Renew Financial administers and provides multiple financing products across the country, including Property Assessed Clean Energy (PACE) programs operating in California and Florida. These PACE-financed projects help to strengthen communities by making homes and businesses safer, more energy-efficient, and more valuable. As an alternative financing solution, PACE is an effective policy tool enabled by state and local governments that provides homeowners and business owners with access to private capital to finance the full costs of renewable energy, energy efficiency, water conservation, safety, and resilience-related upgrades. To date, PACE projects financed by Renew Financial have led to greenhouse gas reductions (GHGs) equivalent to removing over 264,000 cars from the road. Renew Financial is a trademark of Renew Financial Holdings, Inc. Additional information may be found at renewfinancial.com.
About Amalgamated Bank
For nearly a century, Amalgamated Bank has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. Amalgamated has been investing on behalf of its clients since 1973, helping to secure retirement for working people across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge, and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission. We are on a mission: to support those who support others, to invest in progressive and impactful causes, and to advocate true financial opportunity for all.