Wunder Capital, which provides commercial and industrial solar financing, partnered with funds managed by Ares Management’s infrastructure and power strategy (AIP), Cyrus Capital Partners and Keyframe Capital to provide financing for more than $100 million in commercial solar loans.
Additionally, AIP, Cyrus and Keyframe are providing a further investment to expand Wunder Capital’s corporate operations and pursue new market-driven opportunities. Michael Roth, managing director of Ares Infrastructure and Power will join John Rapaport, chief investment officer of Keyframe Capital and partner at Cyrus Capital, on Wunder’s board of directors.
Wunder, a fintech company leveraging expertise in technology, data and project finance to make solar more accessible for businesses, municipalities and nonprofits, gives investment partners programmatic access to solar investment opportunities. Wunder currently operates in 34 states, with more than 300 active solar installation and development partners nation-wide.
“Access to capital and seamless deployment is key for the continued growth of distributed generation,” Keith Derman, partner and co-head of Ares Infrastructure and Power, said. “Wunder is a demonstrated leader in the commercial and industrial solar space and we’re excited to fund the growth of this important market sector together.”
“High transaction costs and underwriting uncertainty have for years been the primary barrier to accessing solar energy project financing for this critical but historically underserved set of energy consumers,” Rapaport said. “It has been remarkable to watch Wunder Capital’s platform solve these longstanding problems since the beginning of our partnership in 2018 and we are excited to expand this relationship along with the Ares Infrastructure team.”
In partnering with AIP, Cyrus, and Keyframe, Wunder’s proprietary technology platform will provide select solar installers and developers with turnkey pre-NTP (notice to proceed) development capital solutions.
“We’re thrilled to be partnering with Ares Infrastructure and Power, whose reputation and impact within the solar market needs no introduction. Additionally, we’re excited to expand our existing relationship with Cyrus and Keyframe, who have been exceptional partners of ours for the past few years,” Dave Riess, CEO of Wunder, said. “This joint transaction, hopefully the first of many, will provide much needed financing for commercial solar development activities through this difficult market period, and this partnership will play a pivotal role in driving the growth of the commercial solar market for years to come.”
Ares Management is an alternative investment manager operating integrated businesses across credit, private equity and real estate.
Ares Infrastructure and Power seeks to provide capital for cash-generating assets across the climate infrastructure, natural gas generation and energy transportation sectors.
Cyrus Capital Partners is an SEC registered investment adviser with offices in New York and London.
Keyframe Capital Partners is a New York-based SEC registered investment advisor.