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4 Nov 2009

Close of $12.2 Million Financing For Hedge Fund Renewable Funding

Renewable Funding, a U.S. financier of Property Assessed Clean Energy (PACE) programs, announced the close of a $12.2 million Series A round of financing.

The investment was led by NGEN Partners LLC and Draper Fisher Jurvetson. Other investors included New Cycle Capital, a San Francisco based venture fund focused on businesses that can change the world, and the Wilson Sonsini law firm, which also serves as counsel to the company.

The infusion of capital will accelerate Renewable Funding's expansion of PACE financing programs throughout the United States. PACE allows private property owners to pay for energy efficiency and renewable energy projects through an addition to their property tax bill. Over the past twelve months, legislation enabling PACE programs has been adopted in 14 states. Renewable Funding developed the PACE model with the City of Berkeley, and is now working with cities, counties and states around the country in the development, administration, and financing of these programs.

"Renewable Funding developed the PACE financing model to address climate change and help families and businesses save money," said Cisco DeVries, President of Renewable Funding. "With this infusion of capital, we have additional resources to accelerate the rollout of clean energy funding programs and respond to the growing demand for PACE financing."

The funding comes on the heels of an announcement by Vice President Biden that PACE programs will be a key component of the nation's "Recovery Through Retrofit" effort to reduce greenhouse gas emissions and provide an engine for green job growth. The Clinton Global Initiative recently called for a rapid expansion of PACE programs to 50 municipalities around the country.

SEC Appoints Multi-Billion Hedge Fund Manager As Lead NY Examiner

HedgeCo Archives - The SEC has appointed hedge fund veteran Norm Champ as Associate Regional Director for Examinations in the agency's New York Regional Office (NYRO). Beginning in January, Champ will direct a staff of approximately 100 accountants and examiners responsible for the inspections of investment advisers and hedge funds within the New York Region.

"Norm brings to our inspection program an unusual diversity of experience — as general counsel of a multi-billion dollar hedge fund complex, as a university lecturer, and as a policy thinker," said George S. Canellos, Director of the SEC's New York Regional Office. "I'm very pleased to welcome him to the SEC."

For the past 10 years, Champ has served as General Counsel of Chilton Investment Company, a multi-national investment adviser and hedge fund manager with $5 billion in assets under management. Champ is also a member of the Board of Directors of the Managed Funds Association.