WHEEL Achieves Major Milestone - First Securitization of Single Family Residential Energy Efficiency Loans

Citigroup Inc. and Renew Financial have issued a fresh class of asset-backed securities, based on a pool of residential energy efficiency loans. The issue marks a first-of-its-kind in additional securities, slated to be issued later by these parties, in association with the Warehouse for Energy Efficiency Loans ("WHEEL").

Incepted in 2008, Renew Financial provides specialized financing for energy efficiency, water conservation and renewable energy projects. Notably, Citigroup and Renew Financial sold their first issue worth $12.58 million to Calvert Investment Management, Inc.

WHEEL is a public-private partnership which generates low-cost financing for various government and utility-sponsored residential energy efficiency loan programs. These programs allow consumers to borrow up to $20,000 in order to make energy-efficient improvements in their homes.

Several national leaders in the finance and energy space, including Citigroup, Renew Financial, the National Association of State Energy Officials, and Pennsylvania Treasury Energy Programs Consortium, have collaborated on this platform.

The latest venture represents the company's efforts toward the $100 billion-commitment it made in Feb 2015; to lend, invest and facilitate funds for mitigating the adverse impact of climactic change and other environmental hazards.

Click for More Information

 

Date Posted: 7/15/2015