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Written by: Leonard Parker | Solar News | 25th March
Sunlight Financial has announced that Tech CU, a Silicon Valley-based credit union, has committed to fund another nearly $2.5 billion in residential solar and storage systems sold and installed by Sunlight partners over the next three years, expanding upon 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 enough solar energy to avoid more than 7.5 million metric tons of carbon dioxide emissions into the atmosphere.
"We are pleased to extend and expand, for the fourth time, our strategic and long-term collaboration with Tech CU," said Sunlight Financial Chief Executive Officer Matt Potere. "For more than five years, Sunlight has delivered to Tech CU the best performing loans in residential solar, with the industry's highest credit quality and lowest credit losses.
"With Tech CU's support, Sunlight will continue to offer innovative loan products and financial services via our proprietary and highly-rated technology platform, Orange."
Sunlight Financial offers a comprehensive suite of 5- to 25-year solar loans for a wide range of residential property types. The company is able to deliver both instant credit prequalifications and approvals for solar loans that typically result in lower monthly payments (combined loan payment plus remaining utility bill) than homeowners' pre-solar utility bills. Orange is accessible to solar installers partnered with Sunlight directly, or through a technical integration with an installer's platform.
Orange also allows Tech CU to track loans in its pipeline and pull details on loans already funded by it from Sunlight's dedicated capital provider portal and enables individual borrowers to access information on their loans via a separate consumer portal.
"Over the years, we have built a strong partnership with Sunlight Financial predicated on accelerating America's transition to renewable energy," said Todd Harris, CEO of Tech CU. "Sunlight Financial's high-quality installer partners and underwriting processes are appreciated by Tech CU, and we look forward to extending 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 close during 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 new public holding company's sole operating subsidiary and Sunlight's existing management team will continue to lead the business.
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