RECPDCL Invites Bids for 223 MW ISTS-Connected Solar Projects

Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion

SJVN Green Energy Invites Bids to Source Land for 200 MW Solar Projects in Assam

Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal

Australia Adds 5.9 GW of Renewable Capacity to the Grid in 2023

POWERGRID Wins Contracts to Evacuate 18 GW of Renewable Energy

MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal

<p><a href="https://sunlightfinancial.com/" target="_blank" rel="noopener noreferrer">Sunlight Financial</a>, a U.S.-based residential solar financing platform, has signed an agreement for a business combination with Apollo Global Management-backed <a href="https://www.spartanspacii.com/" target="_blank" rel="noopener noreferrer">Spartan Acquisition Corporation II</a>, a special purpose acquisition company (SPAC), resulting in Sunlight Financial becoming a public company.</p>
<p>The combined company, which will be named Sunlight Financial Holdings and listed on the New York Stock Exchange on the closing of the transaction, will have a market value of $1.3 billion. The transaction is expected to be completed in the second quarter of 2021.</p>
<p>Upon the closing of the transaction, Sunlight Financial will be the sole operating subsidiary of the combined company, and its existing team will continue to lead the business of the combined company.</p>
<p>Sunlight Financial has funded more than $3.5 billion of loans through its solar financing platform. It has also arranged funding for over 100,000 residential solar systems, which will produce over 500 MW of solar energy while reducing 10 million metric tons of carbon dioxide emissions.</p>
<p>Canadian-American investor Chamath Palihapitiya, <a href="https://www.coatue.com/" target="_blank" rel="noopener noreferrer">Coatue</a>, funds and accounts managed by <a href="https://www.blackrock.com/corporate" target="_blank" rel="noopener noreferrer">Blackrock</a>, and investment managers <a href="https://www.nb.com/en/global/home" target="_blank" rel="noopener noreferrer">Neuberger Berman</a> and Franklin Templeton will lead a $250 million funding in the combined company through the private purchase of Spartan&#8217;s Class A common stock at $10/share.</p>
<p>On closing the transaction, Sunlight Financial&#8217;s existing equity holders, including Tiger Infrastructure Partners, Hudson Sustainable Group, and FTV Capital, will own around 50% of the combined company&#8217;s share. Spartan stakeholders and institutional investors will hold around 26% and 19% of the combined company, respectively. The combined company&#8217;s board of directors will have representatives from Tiger Infrastructure Partners, FTV Capital, and Spartan.</p>
<p>Matt Potere, Chief Executive Officer of Sunlight Financials, said, &#8220;In strengthening our balance sheet and accessing Apollo&#8217;s strategic support this business combination, we expect to continue to scale the Sunlight platform to sustain and accelerate both revenue and earnings growth, and further establish our business as the premier point-of-sale financing platform for residential solar contractors and consumers.&#8221;</p>
<p>According to Mercom&#8217;s 2020 Q4 and Annual Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/2020-q4-annual-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">Report</a>, 62 mergers and acquisition (M&amp;A) deals were announced in the solar sector in 2020 compared to 65 in 2019. Most of the transactions involved solar downstream companies.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
</div></div><div class="clearfix"></div></div></div>

Residential Solar Company Sunlight Financial to Go Public in a $1.3 Billion SPAC Deal

sunlight-financial

Get the most relevant India solar and clean energy news.

RECENT POSTS