Daily News: December 18, 2015

GE Ventures, Apollo Provide Largest Private Solar Financing of 2015


Sungevity completed an equity and project financing transaction totaling $650 million to support the company’s U.S. and international business. This marks the largest financing of a private company in the solar industry for 2015.

The funding includes $50 million in equity financing by existing investors including GE Ventures, and new investors including Apollo Investment. The transaction also includes up to $600 million in new project financing from a consortium led by Apollo, subject to certain terms and conditions, to further support the development of solar projects across the company’s growing U.S. footprint of service areas. Sungevity also services the Netherlands, Germany and the UK.

If fully deployed, the Sungevity-Apollo project finance program, combining project financing capital and tax equity funds, would add up to 400 MW of solar energy capacity in the U.S. over the next three years. More systems will be put in place by Sungevity’s integrated platform where consumers can choose to purchase their system outright, whether by paying for their system in cash or with the proceeds of long-term debt financing which Sungevity also helps consumers obtain.

“This record investment is a testimony to the disruptive business model we’ve built in the solar market, an industry that itself is disrupting the energy landscape,” said Andrew Birch, CEO, Sungevity. “The funding allows us to extend our technology platform, enabling more partners to bring Sungevity Energy Systems to more customers in more places.”

Sungevity is a technology-driven solar energy company focused on scaling solar through its unique partner-based model.