Financing provider Renovate America and 400 Capital Management have announced the completion of their second securitization of residential Property Assessed Clean Energy (PACE) bonds, issuing $129 million in notes. These bonds have been rated AA by the Kroll Bond Rating Agency.
Renovate America partners with municipalities to provide financing to homeowners through California's HERO program for a variety of energy and water efficiency projects, including solar PV.
200 cities and counties participate in California's HERO program, making it the largest in the nation. GTM Research estimates that the program will provide loans for 33 MW of PV systems in 2014, to represent 5% of the state's residential solar market.
The securitization of assets is a tool used in the mortgage industry, and has recently been a means to bring more low-cost capital into the solar industry. SolarCity completed the first securitization of solar assets in November 2013.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.