Kramer Levin structured a number of innovative securitizations involving property-assessed clean energy (PACE) assets. Some of our significant PACE deals included representation of:
- A leading insurance holding company in structuring and acquiring $141 million in fixed-rate notes, backed by a portfolio of California PACE assessments, California PACE bonds and Florida PACE bonds. The transaction also included a guaranteed secured loan made by the investor to the issuer’s parent company.
- Natixis Securities Americas, as underwriter, in two deals for the issuance of more than $238 million of asset-backed notes secured indirectly by residential PACE assessments on properties in California originated under the CaliforniaFIRST program by Renewable Funding.
- A series of Hero Funding Trusts, as issuers, and Renovate America Inc., as the transaction sponsor, in six issuances totaling more than $1.2 billion of asset-backed notes backed by a pool of limited-obligation improvement bonds issued by Western Riverside Council of Governments (WRCOG), San Bernardino Associated Governments (SanBAG) and Los Angeles County. These bonds are issued in connection with WRCOG’s, SanBAG’s and LA County’s PACE programs that are managed by Renovate America under the “HERO” (home energy renovation opportunity) brand.