Multi-year credit facility from ING Capital LLC enhances liquidity position and diversifies funding base of HERO financing
SAN DIEGO, Aug. 30, 2017 – Renovate America, a leading U.S. provider of home-improvement financing, announced today that it has closed a $40 million credit facility with ING Capital LLC to support the continued expansion of HERO, the nation’s largest form of Property Assessed Clean Energy (PACE) financing.
The multi-year credit facility further bolsters Renovate America’s financial position with enhanced liquidity and will further diversify the company’s funding profile.
Since launching over 5-1/2 years ago, HERO financing has been used to make energy and efficiency improvements across more than 100,000 homes in California and Missouri. HERO also just became available in Florida, where it can also finance hurricane-protection improvements such as impact-resistant windows.
HERO empowers homeowners to replace their windows and doors, upgrade their HVAC, go solar, and more, and pay for the improvements over time at a fixed interest rate via an additional, voluntary line item on their property taxes. The products installed must meet federal and state efficiency standards, and many homeowners are able to lower their monthly utility bills as a result.
About Renovate America
Renovate America offers a tech-enabled financing platform for home improvement and commercial retrofits that empowers communities to modernize and make their housing stock more efficient, while giving small businesses the tools they need to grow. In addition to financing home improvements through an unsecured lending product, Benji, Renovate America offers communities HERO financing. HERO is the leading residential Property Assessed Clean Energy (PACE) program in the U.S. and has been used by over 100,000 homes to make energy and efficiency improvements. It is estimated that HERO is on track to save billions of dollars in energy and water bills, and has created over 20,000 local trade jobs that cannot be offshored or automated. Renovate America has built the world’s largest green bond platform, with a volume of originations that enables securitization of HERO PACE bonds multiple times a year, attracting international investment to meet U.S. clean-energy objectives.