Energy Efficient Equity (E3) Secures $150 million Credit Facility from Natixis
Energy Efficient Equity, Inc. (“E3”), a California-based specialty finance company, announced today that it has secured a $150 million asset-backed credit facility from Natixis. E3 is a leading originator of Property Assessed Clean Energy (PACE) assets, a financing tool that enables property owners to finance up to 100% of the cost of environmentally or socially responsible home improvements, including renewable energy, energy efficiency, and water efficiency.
“This capital-raising transaction will inaugurate a new era for E3”, said Brad Knyal, CEO of E3. “E3 is a mission-oriented finance company that seeks to provide cost-efficient financing to homeowners who want to improve their homes through clean energy and other environmental or socially responsible home improvements,” said Mr. Kynal. “With this new credit facility, we will work to expand our franchise nationally and further build out our industry-leading origination platform that is committed to best-in-class consumer protection and credit underwriting. In addition, we have added an incredible new partner in Natixis and its industry-leading PACE ABS banking team,” continued Mr. Knyal.
"We are thrilled to be working with E3, a growing platform with a talented and experienced management team. On a global basis, Natixis is committed to supporting clients focused on environmentally and socially responsible financing,” said Kevin Alexander, Deputy CEO and Head of Global Markets, Natixis CIB Americas. “We have become a leader in the residential PACE ‘green bond’ space over the past several years, and we are excited to build a long-term capital markets relationship with Brad and the entire E3 team,” continued Mr. Alexander.
Energy Efficient Equity, Inc., known as E3, is a growing specialty lender providing secured financing in the Property Assessed Clean Energy (PACE) for both residential and commercial properties. PACE refers to state-authorized programs operated at the city and county levels to finance permanent energy efficient property upgrades such as solar, HVAC, windows, and roofing via a voluntary property tax assessment. Founded in 2015, E3 has grown to become a leading player in the PACE space behind a seasoned management team with extensive specialty finance experience.