Sunlight Financial, a provider of financing for residential solar systems, has raised $225 million to fund more than 9,000 residential solar loans. Hudson Clean Energy Partners, a private equity firm specializing in renewable energy, will finance the loans with capital from its infrastructure fund and from a $180 million senior finance facility from Global Atlantic Financial Group, an insurance company based in New York, New York.
“We are thrilled to build a relationship with a world-class financial institution like Global Atlantic and to add a substantial amount of capacity to our platform,” said Barry Edinburg, CFO of Sunlight Financial. “This innovative program reflects Sunlight’s position as a premier financier of residential solar installations and will enable Sunlight to bring our market-leading products and processes to thousands of homeowners.”
This announcement comes on the heels of Sunlight Financial’s extension of its solar loan partnership with Technology Credit Union (Tech CU), in which Tech CU committed to over $400 million in annual loan capacity to support Sunlight’s platform.
“Sunlight Financial has experienced exponential growth since its inception, making solar loans more affordable and easier to secure for homeowners,” said Neil Z. Auerbach, CEO and managing partner of Hudson. “We’re proud to team up with Global Atlantic to provide this facility to Sunlight Financial.”
Sunlight Financial offers solar installers a wide range of loan products, tailored to each homeowner’s preferred loan structure, tenor and interest rates. The company integrates with solar companies’ existing technology systems and provides access to Sunlight’s easy-to-use online platform, through which homeowners can be instantly approved for loans with monthly payments that are less than their existing utility bills.
News item from Sunlight Financial