Sunlight Financial Secures $300 Million in Funding Commitments
Summary
Residential Solar Lender, Founded by Hudson Clean Energy Partners, Secures Series of Funding Commitments Led by Tiger Infrastructure PartnersTEANECK, N.J.--(BUSINESS WIRE)-- Sunlight Financial LLC, a provider of financing for the residential solar market, announced the closing of a series of capital investments, providing access to $300 million of capital, including $80 million of growth capital from lead investor Tiger Infrastructure Partners, an independent private equity firm focused on providing growth equity for middle-market infrastructure assets and businesses in North America, and founding investor Hudson Clean Energy Partners, a leading global private equity firm specializing in renewable energy. Sunlight will direct this round of capital towards growing its business platform and increasing access to lower cost financing alternatives for residential rooftop solar assets.Sunlight represents a unique and independent solar financing platform with a very broad suite of loan products to best serve homeowners and channel partners in the marketplace, said Neil Z. Auerbach, Hudson CEO and Sunlight founder. No other investment opportunity matched the attributes presented by Sunlight, including: a sophisticated and talented management team with multiple strategic commercial relationships; an existing business with substantial momentum; and a like-minded and experienced partner in Hudson who has similar experience helping companies grow.Tiger will be the majority equity holder and control the board of Sunlight. Sunlight CEO Matthew R. Potere will lead the existing executive team, including solar industry veterans, Josh M. Goldberg (Chief Commercial Officer) and Michael G. Ruehlman (President), and he will also have a seat on the Sunlight board.Sunlight is fortunate to have Tiger and Hudson as value-added sponsors as we prepare to deploy our capital and enhance our product offerings to best serve our customers and channel partners, said Potere. The companys strategy is to grow with several installers by providing cost-effective capital and robust service offerings, enabling it to scale quickly while minimizing customer acquisition costs and overhead.