Sunlight Financial, a U.S. provider of loans for residential solar systems, has announced that private investment firm Route 66 Ventures has committed $130 million to Sunlight under a new partnership. Sunlight says the investment will allow the company to introduce new financing products, expand its Charlotte, N.C., operations center and partner with additional solar installers.
“Route 66’s investment will accelerate Sunlight’s already rapid growth,” says Rob Peterson, a general partner at Route 66. “We are impressed by Sunlight’s long-term perspective and experienced leadership team, which has deep expertise in both consumer credit and residential solar. Route 66 is excited to partner with Sunlight and help homeowners save money.”
Sunlight says its range of loan products facilitates a homeowner’s decision to go solar. Solar installers and sales organizations nationwide can access the company’s products via an online platform, through which homeowners can apply for credit and sign loan documents.
“Loans have quickly become the preferred financing option for homeowners that choose to save money with rooftop solar,” says Matt Potere, CEO of Sunlight Financial. “In a fast-growing and fast-changing market, installers need a stable and strategic financing partner for the long-term. Route 66’s investment validates Sunlight’s unique combination of capital markets, risk management and residential solar expertise and supports our continued expansion throughout the United States.”