Sunlight Financial LLC, a Teaneck, NJ-based provider of financing for the residential solar market, raised $300m in financing.
– $80m growth capital led by Tiger Infrastructure Partners with participation from Hudson Clean Energy Partners which will be used to grow its business platform; and
– a new Senior Secured Credit Facility up to $120m led by CIT Energy Finance and designed for longer-term loan products;
– new loan origination programs with over $100m of available capital from existing and new financial institutions designed for shorter-term loan products.
Following the investment, Tiger will be the majority equity holder and control the board of Sunlight. Neil Z. Auerbach, Hudson CEO and Sunlight founder, will become executive chairman of Sunlight and will be joined on the board by Hudson colleague Wilson Chang. Sunlight CEO Matthew R. Potere will lead the existing executive team, including solar industry veterans, Josh M. Goldberg (Chief Commercial Officer) and Michael G. Ruehlman (President), and he will also have a seat on the Sunlight board.
Sunlight Financial provides long-term loans to finance the installation of residential rooftop solar systems. The company offers its financing products to installers and large equipment distribution companies, which originate installations with homeowners, who typically choose to install a rooftop solar system to save on their utility bill.