Renew Financial, the pioneer and a leading provider of the residential Property Assessed Clean Energy (R-PACE) financing program, closed an aggregate of $245 million in revolving credit facilities with Nomura Corporate Funding Americas, ING Capital, and LL Funds.

The new credit facilities support Renew Financial’s continued growth and the expansion of its R-PACE programs in Florida and California. R-PACE enables homeowners to finance the entire cost of qualifying energy efficiency, water efficiency, renewable energy, hurricane-preparedness, and seismic upgrades and then repay the cost of those upgrades through a special assessment on their property tax bill over a five to 30-year period.

"Renew Financial is pleased to partner with leading financial institutions to continue the expansion of R-PACE financing in Florida and California," said Mary Kathryn Lynch, Renew Financial CFO. "These facilities will enable thousands of American homeowners to access affordable home improvement financing to enhance the value, efficiency, and resiliency of their homes."

Renew Financial’s new revolving credit facilities strengthen the company’s position in the market and represent a pivotal milestone in its commitment to making communities across the nation stronger, more efficient, and resilient to climate change with affordable and equitable financing through the R-PACE program - positioning Renew Financial as a reliable partner in the R-PACE industry.

"The projects financed through R-PACE are intended to result in significant economic and environmental benefits to property owners and local communities," said Michael Koss, Executive Director at Nomura. “We are pleased to partner with Renew Financial in support of its important mission.”

The ING Capital LLC credit facility complements Renew Financial’s two additional facilities with Nomura and LL Funds LLC, which total approximately $245 million of capital committed to support the financing of R-PACE assessments and contractor receivables.

“The expansion of Renew Financial’s warehouse lines of credit will enable more homeowners to embark on energy-efficient and eco-friendly home improvement projects with accessible and affordable financing through R-PACE,” said Sandeep Srinath, Managing Director in the Asset Securitization division at ING Capital LLC. An Affiliate of ING Capital LLC also acted as co-manager for the Renew 2023-1 securitization, which closed in August 2023.