fbpx

Dividend Announces Fourth Solar Loan Securitization and Increased Funding Capacity

37 Views

Capital Markets Activity Supports Company’s Residential Energy Finance Business

SAN FRANCISCO–(BUSINESS WIRE)–Dividend Finance, LLC (“Dividend” or the “Company”) on July 11 closed its fourth residential solar loan securitization, issuing $234.59 million of asset-backed securities. In addition, the Company recently increased funding capacity under its solar loan financing facilities with Citibank, N.A. and Credit Suisse AG to $350 million.

“Our fourth and largest securitization underscores Dividend’s leadership in residential energy finance,” said Eric White, Dividend’s CEO. “With twelve investors participating in our first broadly syndicated asset-backed transaction, and the increase in our solar warehouse capacity, Dividend remains at the forefront in building momentum and liquidity in residential solar. Each of our partners and stakeholders benefit, including homeowners, installers and investors.”

The $234,590,000 Dividend Solar Loan Backed Notes, Series 2019-1, were rated by Kroll Bond Rating Agency, Inc. and received “Green Bond” designations from Sustainalytics pursuant to the standards of the International Capital Market Association.

Citigroup Global Markets Inc. acted as sole structuring agent and sole bookrunner while Credit Suisse Securities (USA) LLC and KeyBanc Capital Markets Inc. acted as co-managers for the Series 2019-1 transaction.

Including its Series 2019-1 transaction, the Company has now issued in excess of $570 million of solar loan-backed securities since October 2017.

In the second quarter of 2019, the Company increased funding capacity under each of its credit facilities with Citibank, N.A. and Credit Suisse AG. Collectively, these programs provide Dividend with $350 million of residential solar loan funding capacity.

About Dividend Finance

Dividend is a leading national provider of renewable energy and energy-efficiency financing solutions for property owners through a suite of residential solar, home improvement and commercial PACE financing products. The Company pioneered the residential solar financing landscape in 2014 with the launch of its EmpowerLoan product for financing residential solar installations and continues to expand its product offerings into the home improvement market. In addition to its industry-leading suite of financial products, Dividend has developed a comprehensive technology platform for installation partners and homeowners to streamline the financing process and manage financed project fulfillment. Learn more by visiting www.dividendfinance.com.

Contacts

Ryan Ahearn

SVP, Product Management & Marketing

Dividend Finance

ryan@dividendfinance.com

(858) 771 – 0896

leverton

I have been involved with publishing and marketing for the past 37 years. My passion is helping people share their voice. I am able to do this through two important venues: One, with Area-Info.net where people can share everything from opinions to events to news. It is your choice! What do you want to share? Two, through a new program called America's Real Deal I am involved with to help business owners get their voice heard.For people who love to save money and earn while saving, there is a new program called the r network. You are provided with a card that entitles the user to automatic savings on more than 300,000 products. Learn more about the revv card today. This is by invitation only to be some of the first people to get this card.I schedule speaking engagements with community groups and business groups to share my passion about the importance of "sharing your voice".Contact me directly at lee@leeeverton.com for scheduling information.

You May Also Like