Clean Power Finance innovating for consumer solar installations
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Tim Montague
Sep 7, 2011, 10:32:59 AM9/7/11
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http://www.siliconvalley.com/news/ci_18837672?nclick_check=1
--
Tim Montague
Clean Power Finance raises $25 million
from Kleiner Perkins, Google Ventures
from Kleiner Perkins, Google Ventures
Clean Power Finance, a San Francisco-based
software company that helps independent solar
installers offer financing to home- owners, has
raised $25 million. The round was led by new
investors Kleiner Perkins Caufield & Byers and
Google (GOOG) Ventures.
The company also announced that Robert "Nat"
Kreamer, one of the founders of competitor
SunRun, is Clean Power Finance's new CEO.
Kreamer, a reserve officer in the Navy who
served in Afghanistan, has been quietly working
with Clean Power Finance in that capacity for
months.
California's rooftop solar industry has enjoyed a
big boost in recent years from new financing
arrangements -- from leases to "power purchase
agreements" -- that make it possible for
individuals and businesses to go solar with little
or no money down.
SolarCity, SunRun and Sungevity -- all Bay Area
startups -- have made names for themselves by
bringing affordable solar to the masses, and
each company has grown rapidly and expanded
beyond California.
Clean Power Finance offers solar financing
through solar installers rather than directly to
residential or commercial building owners. And
instead of creating a consumer brand, it focuses
on the untapped business-to-business
market and basically acts as the middle man
between installers and investors.
It works with a variety of undisclosed lenders
and is in the process of creating dedicated tax
equity funds to finance solar installations.
software company that helps independent solar
installers offer financing to home- owners, has
raised $25 million. The round was led by new
investors Kleiner Perkins Caufield & Byers and
Google (GOOG) Ventures.
The company also announced that Robert "Nat"
Kreamer, one of the founders of competitor
SunRun, is Clean Power Finance's new CEO.
Kreamer, a reserve officer in the Navy who
served in Afghanistan, has been quietly working
with Clean Power Finance in that capacity for
months.
California's rooftop solar industry has enjoyed a
big boost in recent years from new financing
arrangements -- from leases to "power purchase
agreements" -- that make it possible for
individuals and businesses to go solar with little
or no money down.
SolarCity, SunRun and Sungevity -- all Bay Area
startups -- have made names for themselves by
bringing affordable solar to the masses, and
each company has grown rapidly and expanded
beyond California.
Clean Power Finance offers solar financing
through solar installers rather than directly to
residential or commercial building owners. And
instead of creating a consumer brand, it focuses
on the untapped business-to-business
market and basically acts as the middle man
between installers and investors.
It works with a variety of undisclosed lenders
and is in the process of creating dedicated tax
equity funds to finance solar installations.
Several leading banks have already created
similar funds with companies like SolarCity and
SunRun, and in June, Google announced a $280
million fund for residential solar projects with
SolarCity.
"When I look at the opportunity, I have to pinch
myself," Kreamer said. "This opens up the
market for solar financing to installers and lets
their brand be first."
One Clean Power client is Barry Wardak, owner
of California Solar Systems, a medium-size solar
installer that has offices in Emeryville and
Fullerton and usually completes about 140
installations a year, mostly in Orange and
Riverside counties. Wardak said his business
struggled last year because many homeowners
who wanted solar panels couldn't find affordable
financing.
"We didn't have our own in-house financing, so
we'd have to refer people to outside lenders,"
Wardak said. "But a lot of people didn't have
enough equity in their houses to qualify."
Clean Power Finance primarily uses credit scores
of 700 or above when assessing a homeowner's
ability to qualify for leases or power purchase
agreements.
similar funds with companies like SolarCity and
SunRun, and in June, Google announced a $280
million fund for residential solar projects with
SolarCity.
"When I look at the opportunity, I have to pinch
myself," Kreamer said. "This opens up the
market for solar financing to installers and lets
their brand be first."
One Clean Power client is Barry Wardak, owner
of California Solar Systems, a medium-size solar
installer that has offices in Emeryville and
Fullerton and usually completes about 140
installations a year, mostly in Orange and
Riverside counties. Wardak said his business
struggled last year because many homeowners
who wanted solar panels couldn't find affordable
financing.
"We didn't have our own in-house financing, so
we'd have to refer people to outside lenders,"
Wardak said. "But a lot of people didn't have
enough equity in their houses to qualify."
Clean Power Finance primarily uses credit scores
of 700 or above when assessing a homeowner's
ability to qualify for leases or power purchase
agreements.
Tim Montague
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