May 25, 2022
Through a brand new partnership with ClearGen, a Blackstone Credit portfolio firm, Wunder has round $650 million in new funding for industrial solar initiatives. This partnership consists of mortgage buy commitments, the acquisition of an current solar mortgage portfolio, and most popular asset financing, and it’s complemented by a brand new company fairness spherical led by Keyframe Capital.
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The partnership underscores the immense financial alternative that exists inside a market this market.
“Through this partnership, we’re excited to accelerate the deployment of solar and address one of the largest untapped market opportunities that exists today,” stated Dave Riess, CEO of Wunder, which is concentrated on the rooftop solar house, initiatives which can be usually beneath 5 MW in dimension, and with industrial tenants that don’t carry an funding grade credit standing.
The U.S. industrial and industrial sector accounts for roughly 62% of the nation’s complete energy consumption every year based on the U.S. Energy Information Administration. While rooftop solar adoption throughout the sector has grown over the past decade, market penetration nonetheless sits at lower than 5% right this moment. Accelerated deployment of on-site solar has the potential to characterize a significant step ahead within the effort to curb an estimated 3.5 trillion lbs of CO2 emitted by the U.S. industrial and industrial sector every year.
“From our earliest conversations it was clear that all of our firms share a common vision for the distributed energy future of the United States, and that we are tightly aligned in how both project development and financial innovations are critical to realizing that future,” stated Riess. “When combining our shared resources, operational capabilities, project expertise, and unique technology, we can achieve that shared vision together.”
Wunder leverages proprietary expertise to ship turn-key solar programs throughout properties nationwide. Wunder is at the moment increasing its solar choices (together with no-CapEx options designed to make solar a simple resolution), servicing extra actual property corporations and tenants, and bringing solar entry to new markets and property sorts.
ClearGen was established in 2020 to ship good and versatile financing for renewable energy originators and builders. Rob Howard, CEO at ClearGen, stated: “We are thrilled to partner with Wunder, which has been an innovative early mover in providing solutions to the commercial solar market. With this transaction, Wunder will continue to expand its scope with access to highly competitive capital solutions, while maintaining the velocity and low transaction costs that have been Wunder’s trademark.”
The transaction was supported by Marathon Capital, an impartial funding financial institution delivering strategic monetary recommendation to the clear energy, sustainable applied sciences, and infrastructure markets.
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Tags: industrial and industrial