Rapidly Growing Solar Firm Partners with Global Financial Leader for Investment in U.S. Residential Solar Market
OAKLAND, Calif., October 14, 2011 -- Sungevity, Inc., recognized as a national leader in solar innovation and customer satisfaction, and Rabobank, a global leader in financial services and renewable energy finance, today announced the establishment of a residential solar fund that will support over $50 million of new U.S. residential solar lease projects. The fund marks an important milestone both for Sungevity, which is experiencing significant growth this year, and for Rabobank, which expands its significant footprint in the North American renewable energy arena through this entrance into residential solar financing.
"This new fund will support Sungevity's rapid growth and momentum, and address our project finance needs as we enter the next high growth phase for our company," said Mac Irvin, Sungevity's Chief Financial Officer. "We are pleased to partner with Rabobank, an established leader in financing renewable energy projects, as we invest further in the residential solar space."
"Rabobank and Sungevity share a commitment to invest in and develop long-term solutions in the renewable energy sector," said Edward Levin, Executive Director at Rabobank International. "We are very pleased to provide a financing solution that will allow over one thousand homeowners with access to affordable clean energy."
"We view residential solar energy as a promising market opportunity and we are pleased to support its adoption in California and elsewhere in the U.S. through our new fund with Sungevity," said Gianluca Signorelli, Vice President at Rabobank, N.A.
The fund comes at time of significant positive momentum for Sungevity. The residential solar company has experienced a banner year in 2011 due to a successful East Coast expansion and a major partnership with Lowe's, the world's second largest home improvement retailer. Since January 2011, monthly sales have increased ten-fold and employee headcount has tripled to approximately 300 at the company's Oakland, CA headquarters. Overall, Sungevity has raised funds to support over $175 million in residential solar projects and has become one of the nations' fastest growing solar companies with a presence in eight states including Arizona, California, Colorado, Delaware, Massachusetts, Maryland, New Jersey, and New York.
Sungevity's online iQuote process and Solar Lease program make it easy and affordable for homeowners to benefit from solar power. Leveraging web-based solar analytics and satellite imagery, Sungevity can provide homeowners with a firm, same day quote without a home visit and provide savings on their electricity bills. This affordability and ease of use, combined with Sungevity's solar social network strategy, is all part of Sungevity's mission to accelerate solar into the mainstream. For more information, visit Sungevity.com.
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Rabobank is a global financial services leader providing wholesale and retail banking for the food and agricultural industry, asset and investment management, leasing, real estate services, and renewable energy project financing. Founded over a century ago, Rabobank today is one of the largest banks in the world, with more than $850 billion in assets and operations in over 45 countries. Rabobank is the only private bank with a triple A credit rating from both Standard & Poor's and Moody's, and is ranked among the world's safest banks by Global Finance magazine.