Hercules Congratulates Portfolio Company Sungevity on Its $650M Financing, the Largest Private Financing Round in Solar in 2015
Hercules Technology Growth Capital, Inc., the leading specialty financing provider to innovative venture growth stage companies backed by leading venture capital firms, congratulates Sungevity, a leader in the global solar market, on the completion of its recent equity and project financing transaction that totaled $650 million. Hercules participated in this latest round and continues to maintain a senior secured structured loan to the company.
The funding includes $50 million in equity financing by existing investors including GE Ventures, and new investors including Apollo Investment Corporation, along with Hercules Technology Growth Capital. The transaction also includes up to $600 million in new project financing from a consortium led by Apollo Investment Corporation, subject to certain terms and conditions, to further support the development of solar projects across the company’s growing U.S. footprint of service areas. Sungevity also services the Netherlands, Germany and the United Kingdom.
“This is an extremely important milestone and achievement for Sungevity, as this funding will allow them to extend their technology platform while also widening their reach into new markets and customers. This achievement coupled with President Obama’s recent signed legislation passed by U.S. Congress to extend the U.S. Investment Tax Credit or ITC, certainly bolsters our belief and confidence in the company and our outlook for the solar industry,” said Hercules’ Chief Executive Officer Manuel A. Henriquez.