Advanced Energy Capital (“AEC”), an energy finance company led by Jack Doueck and Richard Rudy, has announced today that they have signed an agreement with RENEW Energy Partners, LLC to provide funding for up to $25,000,000 in energy and water efficiency and on-site clean energy retrofit projects in commercial, institutional and industrial (“CI&I”) buildings.
“The AEC team’s experience and interest in the clean energy industry make them a perfect fit for our commercial, industrial and institutional customer base. Messrs. Doueck and Rudy and their team understand our goals and our approach, and will help accelerate our project flow,” said Steve Pritchard, Principal at RENEW Energy Partners.
“Given their partnership with Greenbacker Group and Greenbacker’s $1.5 billion raise for green energy finance, we are optimistic that this is the first of many deals to come,” added his colleague Charlie Lord, Principal at RENEW.
The first group of transactions – comprehensive energy efficiency and water conservation retrofits in commercial and industrial buildings – are expected to close in the 4th Quarter of this year with the bulk of the projects expected to be closed in 2015. RENEW’s innovative approach to project development and financing offers building owners the opportunity to replace outdated systems with energy efficient systems without upfront capital and without adding debt to the balance sheet. RENEW’s full-service, turnkey process reduces owner risk, increases property value, and encourages owners to take immediate action to reduce energy bills.
“AEC continues to screen a wide range of energy opportunities and we enthusiastically welcome RENEW as a strategic partner in the energy efficiency space. We’re looking forward to an outstanding long-term relationship with Charlie, Steve and their team.” said Rick Rudy, principal of AEC.
“The combination of RENEW’s project development, project knowledge and deal structuring expertise, and AEC’s credit and finance expertise should help make a huge impact on carbon reduction,” said Jack Doueck, principal and co- founder of AEC. “We view RENEW as an innovator in the energy efficiency space, and are pleased to assist in the build out of their portfolio of ‘turn-key’ projects in targeted C&I sectors. They and we see exponential growth ahead.”
About Advanced Energy Capital:
AEC is a specialty finance firm dedicated to providing affordable and innovative financing solutions to Energy Efficiency, Energy Storage, Renewable Energy and Retail Energy businesses. AEC’s flexibility allows it to focus on small and medium size businesses and its capital pool permits it to fund significant projects and pipelines of opportunity. AEC’s finance clients have tapped into both senior as well as junior tranches of capital to jump-start their growth. With respect to Energy Efficiency and Energy Storage, AEC has developed unique and simple end- user turnkey financing solutions that enable energy firms to dramatically increase their revenues by offering customers embedded financing without up-front payments. For more information contact Jack Doueck – Email: JD(at)Advancedenergycap(dot)com.