Rabobank Provides $50 Million Financing For Energy Efficiency Leader Redaptive – Funding To Help Build Company’s Energy-as-a-Service Customer Portfolio
NEW YORK (July 13, 2021) – Rabobank, a global food and agribusiness bank and leader in sustainably-oriented banking, has announced it will provide a $50 million debt facility to support Redaptive, Inc., a San Francisco-based company that provides energy and metering solutions to companies in a variety of industries. Rabobank acted as sole mandated lead arranger, administrative agent and collateral agent for the facility, which will help Redaptive expand its commercial and industrial customer base.
“Redaptive is a pioneer in the growing Energy-as-a-Service (EaaS) industry, and Rabobank is proud to provide the funding that will help Redaptive drive its customers’ goals of reducing their energy consumption and associated costs,” said Claus Hertel, Managing Director-Project Finance at Rabobank North America. “This credit facility supports the energy saving contracts Redaptive signs with its commercial and industrial customers.”
EaaS continues to grow in North America and is becoming increasingly relevant as organizations seek to improve building efficiency to reduce operating costs and greenhouse gas emissions. Energy and sustainability services reduce downtime, mitigate risks, and increase the profitability of an organizations’ assets while also attaining LEED and green building certifications, important and desired designations as ESG protocols are implemented.
“We’re excited to partner with Rabobank to grow our platform in the commercial and industrial markets and enable more organizations to meet their energy reduction goals,” said Redaptive CFO Matt Gembrin. “This facility lowers the cost of doing business, diversifies our funding resources and allows us to provide our customers with the most competitive solutions in the marketplace.”
Redaptive works with companies to provide innovative, data-driven energy generation and efficiency programs including HVAC, LED lighting and other utility upgrades, which help customers meet their portfolio-wide sustainability goals.
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 38 countries worldwide. Founded over a century ago, Rabobank today is one of the world’s largest banks with over $765 billion in assets. In the Americas, Rabobank is a premier bank to the food and agriculture industry, as well as a leading project financier of solar, wind, bioenergy, and energy infrastructure projects, providing in-depth knowledge and expertise as well as full arranging, underwriting and syndication capabilities. Rabobank has financed more than 6GW of renewable energy projects to date and is dedicated to supporting the financing of the energy transition and new clean technologies. Additional information is available on our website or on our social media platforms, including Twitter and LinkedIn.
Redaptive is an Energy-as-a-Service provider that funds and installs energy-saving and energy-generating equipment. Redaptive’s programs help many of the world’s most sophisticated organizations reduce energy waste, save money, lower their carbon emissions and meet their sustainability goals across their entire real estate portfolios. With Redaptive, customers can overcome capital and contractual barriers to achieve energy-saving benefits quickly, all with real-time data powered by International Electron, Redaptive’s in-house Data-as-a-Service metering platform. Redaptive was founded in 2013 and is headquartered in San Francisco, CA. For more, visit https://redaptiveinc.com/.
Link at BusinessWire