Sungevity Inc. has completed an equity and project financing transaction totaling US$650 million to support its solar technology platform and grow into new markets and new partnerships
The funding includes US$50 million in equity financing by existing investors including GE Ventures, and new investors including Apollo Investment Corporation. The transaction also includes up to US$600 million in new project financing from a consortium led by Apollo Investment Corporation 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 United Kingdom.
If fully deployed, the Sungevity-Apollo project finance program, combining project financing capital and tax equity funds, would add up to 400 megawatts of solar energy capacity in the US 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.”