A $35 million solar loan matched between a lender and developer by Open Energy, an innovative solar financing solutions provider, was funded its last month. Open Energy paired a solar developer with the most competitive finance terms in the market across its new Finance Exchange, which we profiled here, for the construction and long term ownership of a 20 megawatt (MW) New York solar project.
“Open Energy delivered the most competitive financing terms for us to build and operate our 20 MW project,” said the president of the national solar developer company and project owner. “Their role was instrumental in bringing us the best terms in the market to make the project a reality. We’re looking forward to working with them again on future projects.”
Open Energy’s Finance Exchange was launched earlier this year, with $65 million of solar loans already matched across the Finance Exchange, and now on target to fund by the end of September. Moving forward, the Finance Exchange will expand to accept all renewable energy projects.
“We’ve seen such a positive market response to the Finance Exchange that we’re expanding the platform to the broader renewable energy market,” said Graham Smith, CEO of Open Energy. “Borrowers with projects in energy efficiency, waste to energy, hydropower, and biogas can now apply for financing through the Open Energy Finance Exchange.”
With more than 70 lenders accessible via the Finance Exchange, Open Energy empowers commercial solar developers, EPCs, and asset owners to easily and efficiently access the capital markets to find competitive financing terms from the best-fit lenders, investors, and partners. The Finance Exchange enables participants to execute on projects, while Open Energy sources the most competitive terms and pricing.
— Solar Builder magazine