Funding and M&A Roundup: Loanpal Securitizes $474 Million Residential Solar Loans

Belectric's U.S. solar O&M business acquired by CAMS

January 18, 2021


From: Mercom Capital Group

Loanpal, a solar loan origination platform that finances solar systems and batteries, announced that Loanpal Solar Loan 2021-1 and Loanpal Solar Loan 2021-1 (LPSLT 2021-1) had closed a securitization of approximately $474 million worth of solar loans previously purchased by Goldman Sachs Lending Partners, Blackstone Credit, Davidson Kempner Capital Management, funds managed by CarVal Investors, Credigy and GoodFinch. The notes are modeled to a weighted average life of approximately 5.44 years, 6.48 years, and 6.95 years for the Class A Notes, Class B Notes, and Class C Notes, respectively, and are backed by an initial collateral pool of approximately $474 million of loans with an average FICO score of 742.

Tigo Energy, a flexible solar module-level power electronics company, announced a $20 million round of investment, led by Energy Growth Momentum. The investment will be used to improve upon existing products and develop next-generation solutions that maximize returns for PV customers. A portion of the new funds will be used to scale efficiently and effectively.

Starsight, a Commercial and Industrial (C&I) solar power provider in West Africa, announced that Finnfund and Norfund had increased their senior debt facility from $10 million to $20 million. The new funding will enable Starsight to continue to deliver its market-leading energy-as-a-service hybrid solar solutions to C&I customers in Nigeria and Ghana.

US-based Consolidated Asset Management Services (CAMS) has acquired Belectric’s U.S. solar operations and maintenance (O&M) business, including its 141 operating sites across 11 states. With this acquisition, the company continues to advance its renewable energy footprint to provide a full range of services to its consumers. With its experience in O&M and asset management in renewable power generation, CAMS perceives this transaction as an extension of its service offerings.

Daystar Power, a provider of hybrid solar power solutions to businesses in West Africa, announced a Series B investment of $38 million. The round was led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution (DFI). IFU is joined by new investors STOA, a French impact infrastructure fund, Proparco, the French DFI, backed by a European Union guarantee under the African Renewable Energy Scale-Up facility (ARE Scale-Up) and Morgan Stanley Investment Management.

Naturgy, a Spanish multinational natural gas and electrical energy utility has acquired 100% of the economic interests in Hamel Renewables, a solar and energy storage development platform in the U.S. Hamel Renewables holds a portfolio of 8 GW solar projects together with 4.6 GW of energy storage projects spanning nine states in the U.S, of which 25 projects totaling 3.2 GW of solar and 2GW storage could be operational before 2026.

Micatu, an optical sensing solutions provider, announced a $10 million growth investment led by WAVE Equity Partners. The financing will support its continued global expansion and ongoing deployment of its proprietary GridView optical sensing platform for industrial and utility grid measurement solutions.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s funding roundup.


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