January 14 (Renewables Now) - Goldman Sachs (NYSE:GS) will provide USD 200 million (EUR 179.5m) in capital to Loanpal, which will enable the residential solar loan platform to expand its offerings, Loanpal said on Monday.
The deal brings the two partners’ total financing commitments to USD 635 million. According to the statement, the expanded partnership will allow the financing of additional home efficiency products, apart from solar photovoltaic (PV) systems. The list of such products eligible for financing through Loanpal’s proprietary technology platform includes smart home performance products, battery storage and LED lighting, among others.
“Goldman Sachs has been an exceptional partner and supporter of Loanpal’s mission to help homeowners decrease their carbon footprint and live a more sustainable lifestyle," said Loanpal’s CEO Hayes Barnard.
Loanpal’s platform serves as a link between borrowers, banking partners and solar installers. The company says it is currently lending USD 200 million a month for residential solar products, claiming it already accounts for more than 30% of the new residential solar loans in the US.
(USD 1.0 = EUR 0.897)