Sunlight Financial, a provider of residential solar financing, has secured access to $300 million of capital, including $80 million from lead investor and private equity player Tiger Infrastructure Partners.
According to Sunlight, the capital influx is intended to grow the company's business platform and increase its access to lower-cost financing alternatives for residential rooftop solar assets.
The remaining $220 million of capital will come from different financial institutions with substantial track records investing in the solar sector and will be used for investment in loans and other products directed towards residential solar finance. These include the following:
- A new senior secured credit facility worth up to $120 million, led by CIT Energy Finance and designed for longer-term loan products; and
- The development of new loan origination programs with more than $100 million of available capital from existing and new financial institutions designed for shorter-term loan products.