Wunder Capital raises USD 112m to step up solar project lending
Solar array. Author: Som Energia Cooperativa. License: Attribution 2.0 Generic.
Wunder Capital, a US financial technology company providing financing to solar projects, has raised USD 112 million (EUR 90.4m) in equity and debt to support its expansion in the commercial photovoltaic (PV) market.
The Series B financing round was led by New York-based investment firm Cyrus Capital Partners LP and existing investors including Techstars Ventures, the venture capital arm of Techstars Central LLC, Wunder announced on Wednesday.
Following the transaction, John Rapaport, a Cyrus partner, will join Wunder’s board of directors. John Witchel, co-founder of peer-to-peer lender Prosper, will become part of the company’s advisory board.
Wunder uses a software-enabled process to identify and negotiate deals on financing commercial-scale solar projects in the US. The company has provided loans for more than 185 large-scale solar schemes with a combined capacity of around 65 MW. Last year, it expanded its solar project pipeline to USD 1.8 billion.
According to a recent report by the GTM Research and the Solar Energy Industries Association (SEIA), the US non-residential market showed 28% growth last year, seeing the deployment of 2,147 MWdc of PV capacity.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.