Dividend Solar, Inc. (“Dividend Solar” or the “Company”) signed a definitive merger agreement to merge with Figtree Financing (“Figtree”), with a commitment of up to $200 million from LL Funds to fuel the growth of the combined entity. In addition to acting as Dividend Solar’s exclusive advisor in connection with its merger with Figtree, BPC advised Dividend Solar on four prior transactions over the past 6 months, raising preferred equity, senior notes, and SPV debt amounting to approximately $80 million for the Company, which led to the merger.
Dividend Solar is an innovative solar financing company whose loans include solar performance guarantees and warranty management for an easy path to solar ownership. Figtree is a leading provider of Property Assessed Clean Energy (PACE) financing for energy efficiency improvements, including solar energy. The merger represents the first ever combination of a residential solar lender and PACE financing provider.
“We are excited to announce our partnership with LL Funds and with Figtree, which will allow our company to expand its financing program to include PACE and to accelerate our nationwide growth,” says Eric White, Dividend Solar’s President. “We can now offer a suite of products to our customers, creating a ‘one-stop shop’ where commercial and residential property owners can secure the upfront financing they need for renewable energy and efficiency upgrades.”
About Dividend Solar
Dividend Solar offers $0-down loan financing which enables homeowners to maximize the benefits of going solar while also enjoying hassle-free performance guarantees and warranty management. Founded in 2013, the Company has led the shift towards the direct ownership model in solar with a focus on providing low-cost loan financing for creditworthy borrowers. Dividend Solar’s technology platform has streamlined the credit approval and installation process, thereby lowering the cost of installing solar panels and energy efficiency upgrades for its customers and installation partners. For more information about Dividend Solar, please visit www.dividendsolar.com.
The Bryant Park team provided us with the necessary support and advice through the entire capital raising process. Their industry expertise, deep relationships with funding sources, proven ability to execute and dedication to client service were critical in leading us to a successful transaction.