Marketplace lending platform Open Energy announced the closing of a loan totaling $1.2 million to SunLight General Solar Fund III.
The New York City-based investment fund invests in distributed generation solar projects. The SunLight investment fund received a hybrid term and construction loan for four commercial solar projects, including a school district and a private business in New Jersey, as well as a school district and a municipality inMassachusetts.
Edouard Klehe, one of the managers of the SunLight investment fund, stated:
“Open Energy has proven to be a clear leader in the commercial solar lending space. The innovative online platform, combined with the team’s expertise and first-rate support, has streamlined a complicated process and enabled us to fund several projects that have been in the works for a while. Open Energy has truly opened doors for us and we look forward to working together on future initiatives.”
Graham Smith, CEO of Open Energy, added:
“Since launching our online application this past fall, we’ve seen an increased demand for loans to finance a range of commercial and industrial solar projects. The market is ready to grow and we’re incredibly excited to provide the capital to help unleash the potential in this sector.”