Renew Energy Partners Secures $40M
BOSTON, MA, Renew Energy Partners, a provider of financing for renewable energy and energy efficiency projects, has raised $40 million in funding.
RENEW Energy Partners ("RENEW"), a company committed to empowering building owners with cost-saving energy-efficiency technologies, today announced it has successfully closed a $40 million capital pool, the largest in its history. Rollins Capital led the investment and was joined by Proficio Capital Partners and a group of RENEW's original angel investors.
The new capital pool will help drive RENEW's growing "energy-efficiency-as-a-service" business, which provides building owners and businesses with a single, turnkey solution for the design, construction, financing, and oversight of cost-saving, energy-efficiency retrofits. More than $11 million of the new funds are already earmarked for use on multiple construction-ready projects in New York and Massachusetts, including multi-family housing complexes, manufacturing facilities, and hospital systems. The projects encompass combined heat and power (CHP) implementations along with more traditional energy-efficiency services spanning lighting, HVAC, and building controls.
"The RENEW team is creating massive cost-savings opportunities for building owners," said John Wright, Founder of Rollins Capital. "Their turnkey model eliminates the complexity and up-front capital costs that have kept many property ownership groups from profiting from the latest energy-saving technologies."
Added Bob Haber, Founder and Chief Investment Officer of Proficio Capital Partners, "Building owners increasingly want to cut operating costs, increase the resiliency of their structures, and reduce their carbon footprints. RENEW puts them on the fast track to obtaining these outcomes in a business-friendly way that is affordable and professional. RENEW's approach eliminates the major barrier to most building upgrades - access to up-front capital - and provides a one-stop-shop for the on-site clean power, energy-efficiency, construction, and other sustainability services needed to get them done."
RENEW provides a single point of contact for clients, providing end-to-end design, oversight, financing, and management of energy-efficiency retrofits for older buildings. RENEW funds the up-front investment in energy-saving technologies in exchange for a share of the cost-savings that building owners receive over time from reduced utility bills. RENEW works with an array of design-build firms, energy-efficiency companies, and other partners to identify sustainability projects to fund and execute.
"We are excited that the vision and early successes of RENEW have captured the attention of such well-regarded investors," said Stephen Pritchard, Principal, Renew Energy Partners. "This sizeable capital raise will help us bring the benefits of CHP systems, energy storage, and deep energy-efficiency retrofits to more building owners faster, providing a boost to their bottom lines and to the critical efforts needed to limit the most dramatic effects of global climate change."
About Rollins Capital
Rollins Capital is a private partnership that was established in 2008 to invest in growing businesses. Its partners include current and former executives from the real estate, private equity, financial services, and technology industries.
About Proficio Capital Partners
Proficio Capital Partners is a multi-family office located just outside Boston, Massachusetts. Founded in 2014 by Bob Haber (CIO; previously at Fidelity) and Matthew Wosk (CEO; previously at Credit Suisse and Goldman Sachs), Proficio serves as a high-touch manager of both liquid and illiquid financial assets, operating with high transparency to families, trustees, and administrators. The firm follows a service delivery model, holding themselves as an objective provider of advice that places the interests of their clients first with a focus on wealth preservation and after-tax, after-fee, risk-adjusted returns. For more information go to: www.proficiocap.com.
About Renew Energy Partners
Renew Energy Partners is a company committed to addressing the challenges of climate change by accelerating the adoption of sustainable-power and energy-efficiency solutions. The company has raised a multi-million-dollar fund from "impact investors," which it uses, in combination with its turnkey services and industry partnerships, to fully finance and execute sustainable power and energy-efficiency projects for building owners and businesses. For more information about Renew Energy Partners, please see www.renewep.com.
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