Renew Financial Finalizes Sale of $160 Million in Residential PACE Assets to Amalgamated Bank

published: 2020-02-04 12:00 | editor: | category: News

In 2019, PACE enabled over 6,500 California & Florida property owners to finance renewable and energy efficient projects for their homes. 

Image by Michal Jarmoluk from Pixabay

On January 31, Renew Financial announced that US$160 million of residential Property Assessed Clean Energy (PACE) assets were sold 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 with higher energy efficiency. Noteworthy measures financed in the portfolio include solar, hurricane-resilient roofs, impact-resistant windows and doors, battery storage, and HVAC. These sustainable investments help 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 wide 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.”


(Source: Business Wire)

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