- Loanpal has raised over $800 million in the company’s 1st external investment round
- The round was led by NEA, WestCap, Brookfield Asset Management and Riverstone Holdings and other private investors
- As a result of this transaction, NEA and WestCap Group’s 2 senior executives have joined Loanpal’s Board of Directors
More than $800 million were raised by sustainable home solutions financier Loanpal in the US in what was the company’s 1st external investment round. The residential solar and storage solutions finance company raised the proceeds from a host of financial lenders and private investors.
Global venture capital firm New Enterprise Associates (NEA), growth equity firm WestCap Group, Brookfield Asset Management, Riverstone Holdings led the investment round. With this investment, NEA’s Managing General Partner Scott Sandell and WestCap Group’s Managing Partner Laurence Tosi have added themselves to Loanpal’s Board of Directors.
This investment follows Loanpal’s closing a securitization of approximately $474 million worth of solar loans previously purchased by Goldman Sachs Lending Partners, Blackstone Credit among others in early January 2021. It was, as Loanpal described, the company’s 4th securitization since the beginning of 2020 for loans generated on its platform, totaling over $1.4 billion during this time period.
Previously Blackstone committed $300 million for residential solar loans originated or serviced on Loanpal platform in 2020 (see Blackstone Backs Loanpal For Solar Loans In US).
Loanpal says since 2018 it has provided around $5.8 billion of capital for solar and other home efficiency products having reached out to more than 175,000 families.
As an environment friendly Joe Biden administration settles in the US and among the first decisions the President took soon after taking oath of the highest office in the country was joining back Paris Agreement, it shows it is a time for renewable energy investments to grow. Very recently, another US residential solar financing platform Sunlight Financial LLC raised $250 million from institutional investors led by Chamath Palihapitiya, Coatue, BlackRock, Franklin Templeton and Neuberger Berman, after the company decided to list on the New York Stock Exchange (NYSE) through a merger with Spartan Acquisition Corp.
