Renewable Funding, an Oakland, CA-based provider of financing and administration for property assessed solar and energy efficiency improvements, completed a $12.2m Series A round of financing led by NGEN Partners LLC and Draper Fisher Jurvetson. Other investors included New Cycle Capital, and the Wilson Sonsini law firm.
The infusion of capital will accelerate Renewable Funding’s expansion of Property Assessed Clean Energy (PACE) financing programs throughout the United States. PACE allows private property owners to pay for energy efficiency and renewable energy projects through an addition to their property tax bill.
Commenting on the financing, Cisco DeVries, President of Renewable Funding, said: “With this infusion of capital, we have additional resources to accelerate the rollout of clean energy funding programs and respond to the growing demand for PACE financing”.