Renew Financial, an Oakland, CA-based clean energy finance company, raised $70m in growth capital.
Backers included Angeleno Group, Apollo Capital Management, Claremont Creek Ventures, LL Funds, Inc., NGEN Partners, and Prelude Ventures.
The company intends to use the funds to accelerate the nationwide rollout of PACE (Property Assessed Clean Energy) programs, loans and other products.
Founded in 2008 by Cisco DeVries, who created the concept of the Property Assessed Clean Energy (PACE) financing model, Renew Financial is a clean energy financing company that provides multiple financing products across the U.S. The PACE program enables property owners to finance the entire cost of energy and water efficiency and renewable energy upgrades to their homes and businesses, and then repay those costs on their property tax bill.
The company’s other financing products include residential unsecured loans (ReHome), utility on-bill financing, and others.
It recently acquired AFC First, an energy efficiency lender, and EcoCity Partners, a Florida-based PACE company and partnered with SolarCity to provide medium-sized businesses financing for new solar systems.