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Renewable Funding Secures $20 Million in New Equity Financing for Expansion of Clean Energy Financing Programs

OAKLAND, Calif., April 23, 2014-- Renewable Funding, a leading national clean energy finance company, announced today that it has secured $20 million in new equity funding led by Prelude Ventures, Angeleno Group and Apollo Investment Corporation. Other major participants in the round included NGEN Partners, which was already an investor in the firm, and Claremont Creek Ventures.

The significant infusion of capital will accelerate Renewable Funding’s expansion of clean energy financing programs throughout the United States. The firm has provided programs and financing in more than a dozen states and is currently expanding rapidly to meet demand. It specializes in delivering large scale, low-cost capital for energy efficiency and renewable energy products serving homes and businesses.

“Renewable Funding has been at the forefront of successful innovation in clean energy finance for more than five years,” said Cisco DeVries, co-founder and CEO of Renewable Funding. “We have helped thousands of homes and businesses obtain energy saving improvements that reduce costs and improve the environment. We are excited to accelerate our rollout of new financing products and to add a remarkable group of experienced advisors and board members.”

The Company’s major initiatives include several that have recently made headlines in establishing energy efficiency-related financing as a new asset class.

In April, the company announced the launch of the Warehouse for Energy Efficiency Loans (WHEEL), a national financing platform that will for the first time bring low-cost, large-scale capital to government and utility-sponsored residential energy efficiency loan programs. WHEEL is a collaboration between Citi, the Pennsylvania Treasury, Renewable Funding, and others. More information is available at:

In March, Renewable Funding announced the plan to launch its California statewide residential Property Assessed Clean Energy (PACE) program. A groundbreaking financial innovation, PACE allows private property owners to pay for energy efficiency and renewable energy projects through an addition to their property tax bill. Renewable Funding invented the concept of PACE and runs commercial PACE financing programs. This summer, the firm will launch the nation’s largest residential PACE program, the CaliforniaFIRST program. CaliforniaFIRST will offer PACE financing to homeowners in 17 counties and 167 cities in California. More information is available at

“Renewable Funding is extremely well positioned to be a national leader in the most exciting areas of clean energy finance -- PACE, unsecured lending and on-bill repayment,” said Gabriel Kra, Managing Director of Prelude Ventures. “We are impressed with the depth of experience of the management team in financing, clean energy, policy and large-scale execution. Prelude Ventures is excited to invest in the company’s continued development and expansion.”

“Renewable Funding has played a key role in creating a new asset class for PACE assessments and energy efficiency loans,” said Yaniv Tepper, Managing Director of the Angeleno Group. “They are now poised to establish a national footprint – and we are excited about their unique position for growth in the capital markets.”

The economic opportunity for promoting investment in energy efficiency is substantial – and growing. A recent analysis by the Lawrence Berkeley National Laboratory showed that spending by states and utilities on gas and electricity efficiency programs would double to as high as $15.6 billion by 2025. Forty percent of all energy consumed in the United States is used for existing buildings. McKinsey & Co. estimates that $520 billion in cost effective energy improvements would reduce non-transportation energy demand by 9.1 trillion BTUs – equivalent to 24% of projected demand. Estimates show that the U.S. economy would save more than $1.2 trillion – and create approximately 17 new jobs for every $1 million invested in clean energy improvements.

About Angeleno Group

Founded in 2001, Angeleno Group is a pioneer in providing growth capital for next generation clean energy and natural resources companies. AG invests opportunistically in a range of deal types, with a strategy that is sector-focused, stage-agnostic and research-driven. Since its founding, AG has become one of the largest dedicated energy growth equity investment firms, making investments on a global basis with investment professionals operating in the U.S., Asia and Australia. Visit

About Prelude Ventures

Prelude Ventures was founded in 2009 as a new platform for venture investing in the cleantech sector. Prelude partners with inspired entrepreneurs who share a passion for technology innovation as a means to reduce global C02, and believes that the best way to truly make a difference is to build successful companies. The platform combines a long-term commitment to the sector, willingness to accept informed risks, the capital to enable companies to develop on appropriate timelines and a fundamental emphasis on venture-level returns. As a multi-stage investor, Prelude does not shy away from early stage opportunities and also has the financial resources to participate significantly in growth stage financings. Visit

About Apollo Investment Corporation

Apollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in various forms of debt investments, including secured and unsecured loan investments, and/or equity in private middle-market companies. The Company may also invest in the securities of public companies and structured products and other investments such as collateralized loan obligations. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, LLC, a leading global alternative investment manager. Visit

About NGEN Partners

NGEN Partners is an active venture investor committed to backing world class entrepreneurs seeking to change industries through innovation, creativity and the promotion of environmentally sustainable products and services. Founded in 2001, NGEN Partners invests in companies that positively improve the environment and human wellness. Visit

About Claremont Creek Ventures

Claremont Creek Ventures (CCV) is a seed and early stage venture firm. CCV invests in companies that serve essential, broad-impact industries with innovative digital solutions that increase efficiency or create entirely new high-growth, high-margin businesses. As part of CCV's investment strategy, the firm practices "life cycle venturing": establishing in-depth, active relationships with entrepreneurs alongside or even ahead of early-stage funding events. Claremont Creek Ventures has invested in over 40 companies including Clean Power Finance, EcoATM, and Natera and manages more than $300 million across two funds. Visit

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