Renew Financial Sells Residential PACE Assets for $160 Million

Renew Financial has announced the sale of USD 160 million of residential Property Assessed Clean Energy (PACE) assets to Amalgamated Bank

Renew Financial has announced the sale of USD 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.

Keith Mestrich, President and CEO of Amalgamated Bank, said that “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 to creating a more sustainable world.”

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, said “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.”