Sungevity and Rabobank Create New Fund For U.S. Residential Solar Projects
10/14/2011
OAKLAND, Ca
“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.
ABOUT SUNGEVITY
Sungevity is a global solar energy provider focused on making it easy and affordable for homeowners to benefit from solar power. Leveraging proprietary remote solar design technology, Sungevity can deliver a quote without a home visit and provide homeowners with visibility to potential savings on their electricity bills. The company continues to grow its global customer base and now services 12 U.S. states, the District of Columbia and the Netherlands. Sungevity is also the residential solar partner to Lowe’s, and was recognized in 2015 by B Corp as one of the “Best for the World” companies for overall social and environmental impact. For more information, visit www.sungevity.com.
CONTACT:
John Ordoña
Sungevity, Inc.
(510) 496-5673
jordona@sungevity.com