Sunlight secures $ 2.5 billion in solar financing in partnership with Tech CU
Sunlight Financial, a technology-based residential point-of-sale solar energy financing platform, today announced that Tech CU, a Silicon Valley-based credit union, has pledged to fund nearly 2, $ 5 billion more in residential solar and storage systems sold and installed. by Sunlight partners over the next three years, spanning a long-term partnership between Sunlight and Tech CU that began in 2015. The new commitment is expected to fund approximately 75,000 solar systems, which will produce sufficient solar power. to avoid more than 7.5 million metric tonnes of carbon dioxide emissions into the atmosphere.
“We are delighted to extend and extend, for the fourth time, our strategic and long-term collaboration with Tech CU,” said Matt Potere, CEO of Sunlight Financial. “For over five years, Sunlight has provided Tech CU with the best performing residential solar energy loans, with the industry’s highest credit quality and lowest credit losses. With the support of Tech CU, Sunlight will continue to offer innovative lending products and financial services through our proprietary and highly rated technology platform, Orange®. “
Sunlight Financial offers a full line of 5 to 25 year solar loans for a wide variety of residential property types. The company is able to provide both instant credit prequalifications and approvals for solar loans which typically result in lower monthly payments (combined loan payment plus remaining utility bill) than pre-solar utility bills. of the owners. Orange® is accessible to solar installers in partnership with Sunlight directly, or via technical integration with an installer platform. Orange® also allows Tech CU to track loans in its pipeline and extract details of loans already funded by it from Sunlight’s dedicated capital providers portal and allows individual borrowers to access their loan information via a separate consumer portal.
“Over the years, we have built a strong partnership with Sunlight Financial, based on accelerating America’s transition to renewable energy,” said Todd Harris, CEO of Tech CU. “Sunlight Financial’s high quality installation partners and underwriting processes are appreciated by Tech CU, and we look forward to continuing our partnership. “
On January 23, 2021, Sunlight entered into a business combination agreement with Spartan Acquisition Corp. II (NYSE: SPRQ). The business combination is expected to be finalized in the second quarter of 2021. Upon closing of the transaction, the combined public company will be named Sunlight Financial Holdings Inc. Sunlight Financial LLC will be the sole operating subsidiary of the new public holding company and the existing Sunlight leadership team. will continue to run the business.