Open Energy, a commercial solar debt finance provider, closed a loan totaling $1.2 million to SunLight General Solar Fund III. The New York City-based investment fund invests in distributed generation solar projects. The SunLight investment fund received a hybrid term and construction loan for four commercial solar projects, including a school district and a private business in New Jersey, as well as a school district and a municipality in Massachusetts.
Open Energy provides developers, installers and asset owners a simplified loan application and due diligence process that is both time- and cost-efficient. Additionally, by capping transaction costs, Open Energy is committed to driving down the soft costs associated with project development. Through Open Energy’s marketplace lending model, institutional and accredited investors also have the opportunity to invest in high quality solar project debt with long-term, attractive risk-adjusted yields.
“Since launching our online application this past fall, we’ve seen an increased demand for loans to finance a range of commercial and industrial solar projects,” says Graham Smith, CEO of Open Energy. “The market is ready to grow and we’re incredibly excited to provide the capital to help unleash the potential in this sector.”
— Solar Builder magazine