Multi-year commitment from M&G Prudential adds to existing $40 million facility with ING Capital LLC, bringing total to $80 million
SAN DIEGO, Dec. 21, 2017 – Renovate America, a leading U.S. provider of home-improvement financing, announced today that it has closed a $40 million credit facility increase with M&G Prudential, with ING Capital LLC as the deal agent. The financing will support the continued expansion of HERO, the nation's most widely used Property Assessed Clean Energy (PACE) product.
ING Capital LLC brought in Prudential as a syndicate partner to build on an existing multi-year $40 million credit facility, bringing the total available capital under the line to $80 million. It bolsters Renovate America’s financial position with enhanced liquidity and further diversifies the company’s funding profile.
Since launching six years ago, HERO financing has been used to make energy, efficiency and resiliency improvements across more than 110,000 homes in California, Florida and Missouri.
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.
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 the owners of over 110,000 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 23,000 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.