- Carlyle says its strategic investment in Sungage Financial will enable the latter drive future growth
- It will enable the residential solar financier to accelerate its ability to scale and increase origination capacity
- Carlyle has also signed a $450 million agreement to purchase Sungage’s newly issued residential solar loans
Carlyle, the global investment firm, has announced a strategic investment into residential solar financing company Sungage Financial. It will also purchase Sungage’s newly issued residential solar loans under a $450 million forward flow agreement.
Massachusetts-located Sungage has been offering asset-backed solar loans for residential projects since its inception in early 2011. As per its business model, the company partners with solar and battery sales and installation companies to help homeowners finance energy efficient home improvements.
It claims to offer reliable and flexible online financing solutions with the lowest monthly payments available for solar, roof and battery loans.
Carlyle says its investment will enable Sungage to increase its origination capacity and drive future growth.
“It gives Sungage line of sight to tremendous capacity and accelerates our ability to scale,” said Sungage Financial CEO Michael Gilroy on the Carlyle partnership. “Ultimately, it will help us make solar more affordable and accessible for homeowners, as we all work toward a more sustainable future.”
