Loanpal has announced that it has raised has secured over $800 million in funding in its first external investment round. The investment rounds were conducted by NEA, WestCap Group, Brookfield Asset Management, Riverstone Holdings, and other private investors.
Loanpal is a residential solar finance company based in California in the United States am it helps insurance companies, banks, credit unions, and asset managers to provide zero down payment options for residential solar systems. The company’s point-of-sale payment platform allows businesses to deploy sustainable home solutions along with its digital tools. It also provides flexible payment options to remove the cost barrier for homeowners and create a channel for financial institutions to deploy their capital in environmental, social, and governance assets. The company aims to scale an easier deployment of carbon-reducing products that benefit the planet and also create more jobs in the green energy space.
Loanpal has provided loans for around $5.8 billion for solar and other home efficiency products since 2018. Their platform has enabled 175,000 families to upgrade their homes with solar technologies. Further, the company has supported over 20,000 clean energy jobs across the United States.
In November 2020, Loanpal achieved a securitisation of around $434 million worth of solar loans previously purchased by Goldman Sachs, Blackstone Credit, and Goodfinch. In January 2021, the company closed another securitisation of approximately $474 million solar loans previously purchased by Goldman Sachs Lending Partners, Blackstone Credit, Davidson Kempner Capital Management.