SAN FRANCISCO--(BUSINESS WIRE)--Dividend Finance, LLC (“Dividend” or the “Company”) on July 11 closed its fourth residential solar loan securitization, issuing $234.59 million of asset-backed securities. In addition, the Company recently increased funding capacity under its solar loan financing facilities with Citibank, N.A. and Credit Suisse AG to $350 million.
“Our fourth and largest securitization underscores Dividend’s leadership in residential energy finance,” said Eric White, Dividend’s CEO. “With twelve investors participating in our first broadly syndicated asset-backed transaction, and the increase in our solar warehouse capacity, Dividend remains at the forefront in building momentum and liquidity in residential solar. Each of our partners and stakeholders benefit, including homeowners, installers and investors.”
The $234,590,000 Dividend Solar Loan Backed Notes, Series 2019-1, were rated by Kroll Bond Rating Agency, Inc. and received “Green Bond” designations from Sustainalytics pursuant to the standards of the International Capital Market Association.
Citigroup Global Markets Inc. acted as sole structuring agent and sole bookrunner while Credit Suisse Securities (USA) LLC and KeyBanc Capital Markets Inc. acted as co-managers for the Series 2019-1 transaction.
Including its Series 2019-1 transaction, the Company has now issued in excess of $570 million of solar loan-backed securities since October 2017.
In the second quarter of 2019, the Company increased funding capacity under each of its credit facilities with Citibank, N.A. and Credit Suisse AG. Collectively, these programs provide Dividend with $350 million of residential solar loan funding capacity.
About Dividend Finance
Dividend is a leading national provider of renewable energy and energy-efficiency financing solutions for property owners through a suite of residential solar, home improvement and commercial PACE financing products. The Company pioneered the residential solar financing landscape in 2014 with the launch of its EmpowerLoan product for financing residential solar installations and continues to expand its product offerings into the home improvement market. In addition to its industry-leading suite of financial products, Dividend has developed a comprehensive technology platform for installation partners and homeowners to streamline the financing process and manage financed project fulfillment. Learn more by visiting www.dividendfinance.com.