Renovate America recently raised $90 million for projects including solar arrays and a growing number of technologies to curb water consumption.
The company—which specializes in software and financing for home energy efficiency—has raised $90 million from new investors DFJ Growth and Silver Lake Kraftwerk, as well as existing investors RockPort Capital Partners, Valor Equity Partners, DB Masdar, and 400 Capital Management. The company has in all raised approximately $175 million, bringing its value to $500 million.
The new funding will let the company expand to new states in 2016.
Renovate has been one of the surprise breakthrough hits in cleantech this decade. The company has financed over $950 million in home energy efficiency improvements—all in California. Many of the projects include solar arrays and a growing number include technology to curb water consumption. It has also securitized over $600 million in Property Assessed Clean Energy (PACE) bonds.
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