Renew Financial Acquires FL PACE-Lender EcoCity Partners
Finance company Renew Financial has acquired EcoCity Partners, a Property Assessed Clean Energy (PACE) program based in St. Petersburg, FL. EcoCity created and administers the Florida Green Energy Works Program, which is a PACE program that serves local governments from South Florida to the Panhandle.
Renew Financial also said it has entered a strategy alliance with Demeter Power Group. The Florida-based company finances commercial solar projects for small- and medium-sized businesses. It uses an approach that combines PACE financing with elements of traditional solar leases.
The alliance will favor programs from Renew Financial nationally. One of the principals of EcoCity is the founder and president of Demeter Power.
The Sun-Sentinel story on the acquisition said that Renew Financial CEO Cisco DeVries is optimistic about the potential for PACE in Florida. He suggests that 50,000 to 75,000 homes will received energy upgrades annually, which would involve $1 billion in loans.
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