Solar Financier Loanpal plans to go public this year
(Bloomberg) – Loanpal, a provider of residential solar loans in the United States, is planning an initial public offering this year that could value the company at more than $ 10 billion, according to people with knowledge of the matter.
The company, which said in January it had raised more than $ 800 million from investors such as New Enterprise Associates and WestCap Group, is working with advisers such as Goldman Sachs Group Inc. ahead of a listing expected to take place as early as this year. , one of the people said.
Plans for an entry, including the timing, could still change, the people said.
Representatives for Loan pal did not immediately respond to requests for comment. A Goldman spokesperson declined to comment.
Solar loans have been a key tool in the boom in residential solar installations in the United States, which hit a record high last year. Wood Mackenzie projects new heights in each of the next three years. Meanwhile, investors over the past year have demanded actions related to long-term trends in electrification and decarbonization.
Loanpal, led by two former executives of SolarCity Corp., whose CEO, Hayes Barnard, has previously worked with companies including the credit arm of Blackstone Group Inc. as well as Goldman Sachs.
The lender said it has provided more than $ 6 billion in capital for solar power and other sustainable home improvement products since 2018.
An IPO by Loanpal could take place in the months following the IPO of Sunlight Financial LLC, another originator of solar loans. Sunlight Financial OK in January to merge with a special purpose acquisition company, or SPAC, backed by Apollo Global Management Inc. in a deal expected to be finalized in June.
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