Loanpal, a U.S.-based residential solar financing provider, announced on Thursday it has joined forces with Blackstone (NYSE: BX), through funds managed or advised by GSO Capital Partners, to invest in up to $300 million of residential solar loans originated and serviced on the Loanpal platform.
Founded in 2003, Loanpal claims it has experience with more than $27 billion in funded loans, saving over 125,000 customers across all 50 states.
“Our modern lending platform is built on new, proprietary technology that ensures a frictionless experience. That means virtually instant approvals, higher conversion rates, and more integrated tools and features for better control and ease of use.”
Speaking about the collaboration with Blackstone, Tanguy Serra, President and Chief Investment Officer at Loanpal, stated:
“To solve Climate Change we need to deploy 10 trillion dollars in the US to replace fossil fuel sources of energy. As opposed to fossil fuel based energy, renewable power has no feedstock and no ongoing costs so all that matters are the upfront capital expense and solving for scale deployment. As one of the largest asset managers in the world, Blackstone is an ideal partner for Loanpal. Climate Change will get solved by deploying billions of dollars per month at stable returns over the next decade.”
Loanpal then added that through its platform, GSO will provide financing for solar systems for 10,000 homeowners, dramatically decreasing the carbon footprints of their homes.