Sunlight Financial scores $130m for solar financing

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Sunlight Financial has raised $130m for its residential solar systems financing platform.

The investment comes from Tandem and Moven backer Route 66.

Sunlight Financial’s online platform is designed to enable homeowners to discover solar installers and services as well as apply for credit products and sign loan documents.

The North Carolina and New jersey-based company’s CEO Matt Potere said: “Loans have quickly become the preferred financing option for homeowners that choose to save money with rooftop solar.

“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.”

Sunlight will use the capital to develop new financing products, expand its Charlotte operations and forge new partnerships with solar installers.

Route 66’s general partner Rob Peterson said the firm’s investment will “accelerate Sunlight’s already rapid growth”.

He added: “We are impressed by Sunlight’s long-term perspective and experienced leadership team, which has deep expertise in both consumer credit and residential solar.”

Sunlight previously took on $300m in debt funding led by Tiger Infrastructure Partners.

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