Carlyle Group invests in Sungage Financial, will buy $450 million in resi solar loans

resi solar loans and financing

Global investment firm Carlyle agreed to a $450 million “forward flow agreement” to purchase newly issued residential solar loans from Sungage Financial. In addition, Carlyle made a strategic investment into Sungage Financial. This partnership will enable Sungage Financial to increase their origination capacity and drive future growth.

“Our partnership with Carlyle is a huge win in so many ways,” said Sungage Financial CEO Michael Gilroy. “It gives Sungage line of sight to tremendous capacity and accelerates our ability to scale. Ultimately, it will help us make solar more affordable and accessible for homeowners, as we all work toward a more sustainable future.”

Founded in early 2011, Sungage Financial launched the nation’s first asset-backed solar loan designed specifically for residential projects. Today, Sungage partners with solar and battery sales and installation companies leading the home energy revolution by helping homeowners finance energy efficient home improvements. Sungage offers reliable and flexible online financing solutions with the lowest monthly payments available for solar, roof, and battery loans.

Example:  Soligent and Sungage Financial launched a new flexible financing equipment options via PowerUp in April this year. This is an enhanced version of their Direct Pay program that was also unveiled at SolarCon, a North American solar networking conference hosted in Salt Lake City, Utah.

This transaction was led by Carlyle’s Credit Strategic Solutions (“CSS”) team, a group within the Global Credit business focused on private fixed income and asset-backed investments. CSS has deployed more than $3.5 billion since 2021 and has roughly $7 billion in assets under management as of March 31st, 2024.

“This partnership highlights Carlyle’s robust asset-backed finance capabilities, enabling us to deliver scaled, tailored solutions that meet the complex needs of our clients, ” said Akhil Bansal, Head of Credit Strategic Solutions at Carlyle. “We are excited to partner with Sungage to drive this next phase of growth for the company.”

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