Loanpal partners with Blackstone to deploy $300 million of residential solar loans in 2020
SAN FRANCISCO, Aug. 13, 2020 /PRNewswire/ -- Loanpal, LLC ("Loanpal") the nation's leader in residential solar financing, announced today that Blackstone ("Blackstone") (NYSE: BX), through funds managed or advised by GSO Capital Partners LP ("GSO") has committed to invest in up to $300 million of residential solar loans originated and serviced on the Loanpal platform. Loanpal is the leading financier of residential solar energy in the US. Through Loanpal's platform, GSO will provide financing for solar systems for 10,000 homeowners, dramatically decreasing the carbon footprints of their homes.
"We are pleased to welcome Blackstone on our platform," said Tanguy Serra, President and Chief Investment Officer at Loanpal. "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."
"We are excited to partner with Loanpal, a leading originator of consumer solar assets with an exceptional management team. Our investment will enable Loanpal to continue to expand throughout the United States, and we believe represents an attractive opportunity for our investors to earn compelling risk-adjusted returns and invest in growing demand for renewable energy," said Rob Camacho, Senior Managing Director and Co-Head of GSO's Structured Poducts group, and Rob Horn, Senior Managing Director and Co-Head of GSO's Energy group.
Loanpal, a fintech company leveraging its deep expertise in technology, data and lending to make clean energy products more accessible for homeowners, gives financial partners and solar installers the confidence to finance residential solar systems and help combat climate change with sustainable products. Loanpal partners with credit unions, insurance companies, banks and asset managers to offer $0 down payment options. Loanpal has transacted over 130,000 residential solar systems on its technology platform allowing the production of over 1 Tera Watt Hour of carbon free energy per year.
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