Vistra agrees USD 3.25bn buyout of zero-carbon energy unit
Sep 19, 2024 11:01 CESTUS residential solar financing company Sungage Financial and global investment firm Carlyle (NASDAQ:CG) on Thursday announced a strategic partnership that will help Sungage Financial boost its origination capacity and scale.
Carlyle has struck a USD-450-million (EUR 414m) forward flow agreement to purchase newly issued residential solar loans from Sungage and has also made a strategic investment of an undisclosed amount into the Boston-based company.
Commenting on the partnership, Sungage CEO Michael Gilroy said it provides Sungage with “line of sight to tremendous capacity,” ultimately helping the company make solar more affordable for homeowners.
Sungage works with companies that sell and install solar and batteries, offering homeowners financing for solar, battery storage and roof work.
Akhil Bansal, head of Credit Strategic Solutions at Carlyle, said the partnership demonstrates Carlyle’s asset-backed finance capabilities and its ability to deliver tailored solutions to its clients.
The deal was led by Carlyle’s Credit Strategic Solutions team who has deployed more than USD 3.5 billion since 2021 and has around USD 7 billion in assets under management as of end-March.
(USD 1 = EUR 0.920)
Vistra agrees USD 3.25bn buyout of zero-carbon energy unit
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