Goldman Sachs has priced two securitizations for $459 million worth of loans generated on the Loanpal platform previously purchased by Goldman Sachs and funds managed by CarVal Investors with GSO Capital Partners clients as senior investors in the securitizations and Goldman Sachs has expanded its warehouse with Loanpal to $300 million and committed to purchase an estimated $320 million of principal of new solar loans
SAN FRANCISCO, June 09, 2020 (GLOBE NEWSWIRE) -- Loanpal, the nation’s leader in residential solar financing, today announced that Goldman Sachs has priced securitizations of $459 million worth of Loanpal solar loans previously purchased by Goldman Sachs and funds managed by CarVal Investors. Clients of GSO Capital Partners, the credit division of Blackstone, are the senior investor in the securitizations. These securitizations are an important milestone as they represent the first transactions in the solar industry post the start of COVID-19, confirming Loanpal’s high quality loans and strength in the marketplace. Furthermore, Goldman Sachs has expanded its warehouse facility with Loanpal to $300 million. As part of its commitment to ESG, Goldman Sachs is also committing to buying an estimated $320 million of principal of loans from Loanpal over the coming six months.
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 provide $200 million of loans through its technology platform monthly, allowing 6,000 families to reduce their carbon footprint and live a more sustainable life. Since 2018, the Company has transacted over $3.5 billion in solar loans on its technology platform.
“We’re thrilled to be working with such incredible partners who support Loanpal’s mission and deeply understand the solar loan asset class,” said Loanpal President and Chief Investment Officer Tanguy Serra. “The securitization of these loans signifies a reopening in the marketplace for our industry which will allow more homeowners to add solar to their homes and decrease their carbon footprint.”
These securitizations, issued by Mill City Solar Loan 2020-1 Ltd. and Loanpal Solar Loan 2020-1 Ltd, consist of $372 million of notes rated by Kroll Bond Rating Agency. The notes are backed by an initial collateral pool of $459 million of loans with an average FICO score of 750.
“Solar loans have proven to be a resilient asset class through these turbulent times and we are pleased to commit more of the firm’s capital to providing a path for US homeowners to reduce their carbon footprint,” said Katrina Niehaus, Managing Director at Goldman Sachs.
“Investing in renewable energy is a key focus for CarVal Investors and we are delighted to participate in this innovative securitization alongside our industry-leading partners,” said Angie Fenske, managing director, CarVal Investors.
About Loanpal
Loanpal is the nation’s leading technology platform for residential solar loans. The company is committed to delivering a tech-enabled lending experience that is simple, fast and frictionless, resulting in instant approvals at the point of sale. Loanpal is deploying $200 million a month in solar loans and has transacted over $3.5 billion on its platform since its launch in 2018. Loanpal’s platform connects financial institutions to high-quality borrowers for energy solutions that make a positive impact on the plane. Loanpal is a proud partner of GivePower, a 5013c corporation, whose mission is to build and deploy solar-powered clean water and energy systems to communities in need around the world. To learn more about Loanpal, visit, follow and connect with us at www.loanpal.com, @loanpal, and Linkedin.
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