Up to $300 million is being invested into Loanpal’s solar financing platform, as the company has come to terms on a deal with Blackstone, one which will provide financing options for roughly 10,000 homeowners. Blackstone’s investment is being managed and advised by GSO Capital Partners.
The ability to finance 10,000 systems represents a significant increase in Loanpal’s already impressive financing platform, which has hosted more than 130,000 residential solar system transactions to date.
Loanpal is also no stranger to having large amounts of money invested into the platform at once, as in June, Goldman Sachs priced two securitizations for $459 million worth of Loanpal solar loans.
“To solve Climate Change we need to deploy $10 trillion in the U.S. to replace fossil fuel sources of energy,” said president and chief investment officer at Loanpal, Tanguy Serra, in a release touting the Blackstone investment. “As opposed to fossil fuel based energy, renewable power has no feedstock and no ongoing costs so all that matters are the upfront capital expense and solving for scale deployment.”
Edit 8/20/20: This article was edited to remove some claims of environmental investment by Blackstone that were actually made by Blackrock. We are deeply sorry for the error.
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