Kramer Levin acted as issuer’s and sponsor’s counsel on the latest securitization on the “HERO” platform created by Renovate America Inc. The transaction is the first securitization of residential PACE bonds under this ABS program in 2018 and follows after changes to the residential PACE market due to new legislation in California. The offering closed on May 23, 2018. Renovate America operates the HERO program providing property-assessed clean energy funding to residential property owners in California, Florida, and Missouri. The total transaction size was $206.1 million and involved the issuance of two classes of notes and the sale of preferred shares by a Cayman issuer. The transaction was rated by DBRS and KBRA, and was the first time that senior notes under the HERO program received an AAA (sf) rating from DBRS. Barclays was the lead underwriter.