Sungage Financial, a US-based residential solar financing company, has joined forces with global investment firm Carlyle in a strategic partnership aimed at enhancing Sungage Financial's origination capacity and scalability. The collaboration, announced on Thursday, encompasses a USD 450 million (EUR 414 million) forward flow agreement, through which Carlyle will acquire newly issued residential solar loans from Sungage. Additionally, Carlyle has made an undisclosed strategic investment in the Boston-based company.
Michael Gilroy, CEO of Sungage, emphasized the significance of the partnership, noting that it provides Sungage with “line of sight to tremendous capacity,” thereby facilitating the company's mission to make solar energy more accessible and affordable for homeowners.
Sungage Financial specializes in providing financing solutions for solar, battery storage, and roof work to homeowners through partnerships with companies engaged in the sale and installation of solar energy systems.
Akhil Bansal, head of Credit Strategic Solutions at Carlyle, underscored the partnership as a demonstration of Carlyle's asset-backed finance capabilities and its commitment to delivering tailored solutions to its clients.
Carlyle's Credit Strategic Solutions team spearheaded the deal, leveraging its extensive experience in deploying over USD 3.5 billion since 2021. As of the end of March, the team manages approximately USD 7 billion in assets.
