Republic Business Credit provided a $6 million asset-based line of credit based on accounts receivable and inventory to a California-based solar installation company, which will use the financing to expand its footprint into new territories.
The company is a vertically integrated solar provider that performs the design, installation and maintenance of residential solar energy systems in California, Florida and Arizona.
Recently, the trend of installing solar panels on homes has surged, especially in warmer states, as it provides a manner of reducing residential electricity bills. According to the Solar Energy Industries Association (SEIA), the residential solar market experienced its sixth consecutive record year in 2022, as annual residential solar PV installations have continued to increase. Due to the rapid growth in the solar industry, the California solar provider in this deal sought a partner to provide a line of credit in this high growth atmosphere.
An investment bank introduced the client to Republic Business Credit. This was the first financing facility the solar company has sought and received.
“Our team was uniquely positioned to help this company,” Jason Carmona, executive vice president and western regional manager at Republic Business Credit, said. “Having previous experience with an employer that understood solar industry finances, I understood what this company needed. Because we offer tailored solutions, we were able to step in and provide different layers of support.”
