|By Business Wire||
|May 7, 2014 08:00 AM EDT||
Clean Power Finance® (CPF), the financial services and software provider for the residential solar industry, today announced that Credit Suisse has committed capital as the lead investor in a $200 million fund to finance residential solar projects through CPF’s 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. “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 played a leading role in residential solar finance, investing hundreds of millions of dollars 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. CPF’s platform supports a national network of companies that specialize in residential solar installation, origination, distribution and financing. It leverages their respective expertise to make the solar finance and installation processes faster and more efficient. CPF’s customizable, unbranded platform gives project financiers the ability to control their investments and own the customer relationship, which has helped expand the pool of available capital in a previously finance-constrained industry. In three years, CPF has raised more than one billion dollars from project investors that include electric power companies, energy retailers, large corporations and financial institutions.
Project finance investments through CPF’s 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.
About Clean Power Finance
Clean Power Finance (CPF) is a financial services and software provider for the residential solar industry. CPF connects solar professionals with institutional investors through the CPF Market®, the online platform that allows electric power companies, corporations and banks to invest in residential solar. CPF also provides the solar industry with CPF Tools®, a leading solar sales SaaS application. Solar professionals use the CPF Market to access a variety of third-party owned finance products. Investors and lenders use it to invest in solar assets that provide reliable rates of return with managed risk. Founded in 2006, CPF has raised more than a billion dollars of project financing from third-party solar investors that include major corporations, electric power companies and financial institutions. To learn more about CPF, please visit http://www.cleanpowerfinance.com.
Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse is able to offer clients its expertise in the areas of private banking, investment banking and asset management from a single source. Credit Suisse provides specialist advisory services, comprehensive solutions and innovative products to companies, institutional clients and high net worth private clients worldwide, and also to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 46,000 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.