Clean Power Finance announces that Credit Suisse has committed capital in a $200 million fund to finance residential solar projects through the CPF platform. The financing will be available to CPF’s national network of solar partners as a residential solar power purchase agreement and lease.
It’s been quite a time for developments in residential solar financing. Residential solar financial services and software provider Clean Power Finance (CPF) has been at the forefront of advances in the area.
The company has partnered with Kilowatt Financial, Integrys Energy Services, and others to finance residential solar projects. The CPF platform provides solar companies and their customers access to multiple finance products, allowing solar companies to focus on their core competencies.
Today, CPF continued the financial news with an announcement that Credit Suisse has committed capital as the lead investor in a $200 million fund to finance residential solar projects through the CPF platform. The financing will be available to CPF’s national network of solar partners as a residential solar power purchase agreement (PPA) and lease.
“We’re very pleased to work with Credit Suisse, a leader in residential solar securitization, to help more U.S. homeowners access clean, affordable power,” said Clean Power Finance CEO Nat Kreamer in a statement. “The fact that we’ve raised more than one billion dollars of residential solar financing from diverse project investors demonstrates both the vibrancy of the industry and investor confidence in the CPF network.”
Credit Suisse has invested hundreds of millions of dollars in residential solar finance to date. It also led the first securitization of distributed solar energy assets, a landmark transaction that has paved the way for new sources of financing for residential solar.
“Residential solar financing has become an attractive, mainstream asset class,” said Jerry Smith, managing director at Credit Suisse. “CPF’s platform allows us to focus on our core competency — financing — and connects us with a scalable network of qualified specialists who can efficiently deliver solar financing to consumers.”
Clean Power Finance entered the residential solar finance market in 2011 with a completely new business-to-business model to connect residential solar finance supply with demand. In three years, CPF has raised more than $1 billion from project investors, including electric power companies, energy retailers, large corporations, and financial institutions.
Project finance investments through the CPF platform are separate from equity investments in CPF itself. The company has announced $90 million in equity investments from investors that include Edison International, Duke Energy, Google Ventures, Kleiner Perkins Caufield & Byers, Hennessey Capital, Claremont Creek Ventures, and Sand Hill Angels.