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Renewable Funding Closing $300M Credit Facility

Big money for long-awaited market in property-tax-backed home solar and efficiency

Jeff St. John

May 9, 2014

After years of wandering the property-assessed clean energy (PACE) desert, it looks like startup Renewable Funding is finally approaching the promised land. In March, it got its residential market back in California. In April. it raised a $20 million VC round, its second in five years, with investors including Prelude Ventures, Angeleno Group, Apollo Investment Corp, Claremont Creek Ventures and NGEN Partners.

Now the firm has secured a $300 million credit facility to fund residential PACE program across the state, CEO Cisco DeVries said in an interview last week. While he wouldn’t name the financial partners involved, he did say more details on the plan would be announced soon. Read more.