Equity Partnership Acquiring $1.5 Billion of Residential Solar, Storage Products
A California-based technology group has joined a global independent investment firm in an equity partnership that supports lease and power purchase agreements in the residential renewable energy sector.
GoodLeap, headquartered in Roseville, California, and New York-based Tactical Infrastructure Partners (TIP) on Oct. 24 said they are acquiring more than $1.5 billion of residential solar and storage products. The transaction is supported by debt financing from ATLAS SP Partners, another global investment firm based in New York. The companies on Thursday said the deal “helps further bolster the launch of GoodLeap’s residential solar and storage lease and power purchase program.”
Officials said the transaction “enables GoodLeap to provide a comprehensive suite of residential products and financing options for U.S. homeowners, advancing its mission to connect a world in which everyone can live sustainably.”
“Since the company started, GoodLeap has always focused on meeting the homeowner where they are in their sustainability journey,” said Matt Dawson, GoodLeap’s chief revenue officer. “With this additional funding partnership, we’ll continue to deliver on that promise by giving homeowners the financing tools they need to adopt solar, storage, and dozens of other home efficiency products. We’re thrilled to partner with TIP and ATLAS in that journey.”
Third-Party Owned Products
GoodLeap launched its lease and power purchase agreement (PPA) products, commonly known as third-party owned (TPO) products, in June of this year. The group to date offers the products in 12 states with another 13 states in the pipeline. The company said its suite of financing options, including loans, leases, and PPAs, are helping residential customers enter the solar and storage market.
“We are pleased to bring our team’s deep experience in infrastructure investing to this partnership with the premier company in this space,” said Michael Feldman, founder and managing partner at TIP. “GoodLeap is well-positioned for continued success as a leader in residential solar and storage, and we are excited to be a part of GoodLeap’s entry into the growing lease and PPA sector of the market.”
“We are thrilled to work with TIP to deliver a novel financing solution across the capital structure at scale for GoodLeap’s entry into the lease and PPA space. This will deliver clean energy solutions to homeowners across the country,” said Can Baysan, director at ATLAS SP.
GoodLeap is a technology company that delivers financing and software products that support a range of renewable energy and energy efficiency equipment, including solar panels and batteries along with heating, ventilation, and air conditioning, including heat pumps. The company features proprietary, artificial intelligence-powered applications and developer tools to support customer communication, including payments and operations. The company said it has financed more than $27 billion in sustainable solutions for customers since 2018.
—Darrell Proctor is a senior editor for POWER (@POWERmagazine).