Open Energy, a commercial solar debt finance provider, has closed a loan totaling $1.2 million to New York City-based SunLight General Solar Fund III, which invests in distributed generation solar projects.
The SunLight investment fund received a hybrid term and construction loan for four commercial solar projects, including a school district and a private business in New Jersey, as well as a school district and a municipality in Massachusetts.
Open Energy says its simplified loan application and due diligence process is both time- and cost-efficient and that it caps transaction costs to drive down expenses associated with project development. Further, the financier offers institutional investors the opportunity to invest in high-quality solar project debt with long-term, risk-adjusted yields.
‘Since launching our online application this past fall, we've seen an increased demand for loans to finance a range of commercial and industrial solar projects,’ says Graham Smith, CEO of Open Energy. ‘The market is ready to grow, and we're incredibly excited to provide the capital to help unleash the potential in this sector.’