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Loanpal Raises $800 Million in Latest Funding Round

Jan 27 (Reuters) - Loanpal said on Wednesday it had raised more than $800 million in a funding round that included Brookfield Asset Management and venture capital firm NEA, as the home solar installations financier benefits from a shift to clean energy.

Growing investor pressure to curb emissions has boosted interest in the solar energy industry, with the sector also benefiting from Joe Biden’s victory in the November U.S. presidential election.

Loanpal said the latest funding round, which closed last year, also included WestCap Group and Riverstone Holdings.

As part of the investments, Scott Sandell, managing general partner at NEA, and WestCap’s managing partner Laurence Tosi have joined Loanpal’s board.

The company has provided about $5.8 billion of capital for solar and other home efficiency products since 2018.

Loanpal earlier this month closed a securitization of about $474 million worth of loans previously bought by Goldman Sachs Lending Partners LLC and Blackstone Credit, among others.

Blackstone Group Inc, through funds managed or advised its credit investment platform, in 2020 committed to invest in up to $300 million of residential solar loans originated and serviced on the Loanpal platform.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni

Source: Reuters

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