Dividend Finance completes fourth sale of $234.59 million solar loan-backed notes

By Devika Patel

Knoxville, Tenn., July 12 – Dividend Finance, LLC announced it closed its fourth residential solar loan securitization, $234.59 million of solar loan-backed notes, series 2019-1.

The notes received green bond designations from Sustainalytics according to the standards of the International Capital Market Association.

Citigroup Global Markets, Inc. acted as structuring agent and bookrunner, while Credit Suisse Securities (USA) LLC and KeyBanc Capital Markets Inc. acted as co-managers.

This is Dividend’s fourth securitization of its EmpowerLoan portfolio secured by residential solar energy systems. The company previously issued $128.95 million of solar loan-backed notes in October 2017 and $104,664,000 of solar loan-backed notes in April 2018.

In addition, the company recently increased funding capacity under its solar loan financing facilities with Citibank and Credit Suisse to $350 million.

Based in San Francisco, Dividend is a provider of renewable energy and energy-efficiency financing solutions for property owners through a suite of residential solar, home improvement and PACE financing products.

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