Renovate America, a provider of home energy efficiency improvements financing, is planning a new securitization platform providing additional data into its capital markets transactions.
Renovate America has partnered with T-REX, a fintech software company focused on the renewable energy field, to establish a new analytics and structuring platform that will give investors and developers a wider assortment of data to assess deals and their underlying assets.
The platform will be used as part of its collateralization efforts of Property Assessed Clean Energy (PACE) bonds that local governments issue backed by the loans Renovate America originates for homeowners.
“T-REX’s platform will make our transactions transparent and available to an increasingly broad group of investors,” said Adam Garfinkle, Senior Vice President of Capital Markets at Renovate America. “PACE is a relatively new asset class, so it is critical for the investor community to have access to the right information to understand the value of these securities.” ‘
T-REX’s analytics are delivered as an on-demand, software-as-a-service platform that is used by solar project developers, asset managers and investors to stress-test various scenarios around renewable energy project cash flows. Those queries include power production, equipment degradation, expenses, power purchase agreement rates, as well as payment and default risks surrounding project financing.
Renovate America has issued $1.35 billion in ABS pools in seven transactions on its HERO trust platform.