Solar Finance Roundup: $200M Admirals Bank-SunPower Loan Program …

We keep a using add-on on vital residential solar financing transactions. It continues to be a bustling pursuit as investors try new financing collection and new sales channels.

Today, SunPower partnered with Admirals Bank on a $200 million loan module for SunPower residential solar installations over a subsequent dual years. Borrowers can request for a loan of adult to $60,000 to implement a SunPower system, according to a release. Admirals claims to be “offering elite seductiveness rates for homeowners who select SunPower solar appetite systems.” The loan module is accessible in all 50 states. 

Sunnova, a solar use provider charity leases and PPAs, announced final week that it had lifted $145 million to “fund fast growth” and “accelerate patron acquisition,” as per a release. The association would not divulge a source of a appropriation or either it was plan financial or enlargement capital. 

The residential solar designation and financial marketplace is remaking itself by new alliances, straight formation and hybrid sales channels; entrance to increasingly cheaper collateral is assisting too, either by securitization or other means.

Residential solar financing news roundup


Capital One Bank announced that it done a initial renewable appetite investment with a $100 million investment in SolarCity.


Solar banker Sunrun announced that  it sealed $150 million in equity financing. The association claims that investment was “the largest private equity lift announced to date for a private residential solar association in a U.S.” An unnamed heading open institutional financier led a turn with $100 million. Existing investors including Foundation Capital, Accel Partners, Sequoia Capital and Madrone Capital, as good as several new investors, supposing a remaining $50 million.


Clean Power Finance, that provides financial services and module to a residential solar market, announced that Credit Suisse has committed collateral as a lead financier in a $200 million account to financial residential solar projects by CPF’s platform. CPF CEO Nat Kreamer notes, “The fact that we’ve lifted some-more than $1 billion of residential solar financing from different plan investors demonstrates both a vibrancy of a attention and financier certainty in a CPF network.”

CPF, corroborated by KP, has lifted $90 million in try collateral and equity from investors that embody Edison International, Duke Energy, Google Ventures, Kleiner Perkins Caufield Byers, Hennessey Capital, Claremont Creek Ventures and Sand Hill Angels.   



SunPower sealed $42 million in non-recourse debt and has combined Google as a partner in a $250 million module to financial residential solar rooftops. Google committed adult to $100 million, and SunPower is committing approximately $150 million. This is Google’s sixteenth renewable appetite investment and a third residential rooftop solar investment. Google has invested a sum of some-more than $1 billion in 2 gigawatts of renewable appetite projects opposite a globe.

Investment organisation Baird views a taxation equity partnership with Google as a certain pointer that demonstrates “increased investment by entities outward of normal tax-equity investors.” 


SunEdison sealed a “first $150 million of a $300 million, three-year plan financial revolving credit trickery organised by Deutsche Bank Securities,” according to a release. The debt is dictated “to support a growth and merger of new projects in a United States and Canada.” SunEdison claims to have used a sum of $1.2 billion from an progressing credit trickery to financial 325 megawatts of solar projects.         


Sungevity lifted a $70 million appropriation turn led by Jetstream Ventures, along with investment from application E.ON and GE Ventures. The online solar sales association has now lifted more than $200 million in VC and plan financing from investors including Brightpath Capital Partners, home alleviation store Lowe’s, Vision Ridge Partners, Oaklandimpact, Greener Capital, Firelake Capital, Craton Equity Partners and Eastern Sun Capital Partners.

Sungevity claims it can now broach a organisation cost quote for residential solar rooftop systems instantly, but a home visit.

Joel Dobberpuhl, CEO of Jetstream Capital (the primogenitor association of family bureau Jetstream Ventures), pronounced in a association recover that Sungevity’s “capital-light business model creates it an well-developed choice for a initial private-market investment in downstream solar.” Dobberpuhl is also a co-owner of NHL hockey group a Nashville Predators

According to a release, Sungevity’s sales in a U.S. doubled in 2013. Sungevity is looking to serve account a enlargement into Europe.

Sunrun and Sungevity shaped a partnership to enroll during slightest 10,000 new residential solar customers. Under a universal agreement, Oakland’s Sungevity will acquire customers, while Sunrun will financial a rooftop designation and possess a PV system.   

Sungevity is going with a pure-play patron merger plan in a marketplace that seems to be relocating toward straight integration.


SunPower sealed $42 million in non-recourse debt to financial a residential solar franchise program. (Residential debt loans in a U.S. also use this form of debt.)

Hannon Armstrong Sustainable Infrastructure (HASI) Capital furnished a debt. SunPower’s residential solar franchise module has won some-more than 20,000 business in a U.S., according to a firm.

SunPower’s CFO Chuck Boynton pronounced in a release, “Among a portfolio of financing options, a solar franchise stays one of a some-more renouned choices by consumers.” HASI CEO Jeffrey Eckel said, “With this investment, we are serve diversifying a portfolio of economic, arguable and tolerable distributed appetite assets, targeting resources that can furnish tolerable yield.”

Hannon Armstrong is personal as a genuine estate investment trust (or REIT) and creates debt and equity investments in tolerable infrastructure projects. 


The produce for SolarCity’s $72 million asset-backed securitization labelled during 4.59 percent. According to Roth Capital Partners, a “deal was oversubscribed.” Roth suggested that a subsequent bargain “may be incomparable and embody taxation equity. Consequently, we perspective this as an incremental step toward lower-cost financing.” Roth combined that by stability to adjust “important variables, such as a allege rate, maturity, and underlying item profiles, we trust SCTY is attempting to benefit an bargain of direct for a ABS product.”

Deutsche Bank’s Vishal Shah writes, “We trust investors are mostly discounting a intensity upside ensuing from reduce financing costs, grid relation over 2016, improving record costs and intensity scale advantages pushing share gains over time.”


Solar Universe, that focuses on franchising solar installation, announced a partnership with GHS Interactive Security, a confidence and home automation organisation portion business in California. Solar Universe has 37 locations in a U.S.


This slip from a display given by GTM Research VP Shayle Kann during a new Solar Summit shows a downward trend in solar designation costs, as good as a 1.9 gigawatts of distributed solar commissioned in 2013. Read some-more on Kann’s display here.


Tags: admirals bank, clean energy finance, cpf, credit suisse, google, scty, solarcity, spwr, sungevity, sunpower, sunrun

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