Sunlight Financial, a point-of-sale residential solar financing platform, said that Tech CU has committed to fund nearly $2.5 billion in residential solar and storage systems sold and installed over the next three years.
The new commitment is expected to fund about 75,000 solar systems and expands on an existing business relationship between Sunlight and the Silicon Valley-based credit union that began in 2015.
Sunlight Financial said it offers five- to 25-year solar loans and is able to deliver instant credit pre-qualifications and approvals. Sunlight’s Orange platform is accessible to solar installers who directly partner with Sunlight, or through an integration with the installer’s platform.
In January, Sunlight announced plans to become a publicly listed company through a merger agreement with Spartan Acquisition Corp. II. That deal is expected to close in the second quarter.
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