Sunlight Financial, the No. 2 point-of-sale residential solar platform, is going public after finalizing its merger with special purpose acquisition company (SPAC) Spartan Acquisition Corp. II. The combined company is named Sunlight Financial Holdings Inc. and its common stock will begin trading on the New York Stock Exchange under the ticker symbol SUNL.
“This is a momentous day for Sunlight and we are excited to accelerate the transition to a clean energy future as a publicly-traded company,” said Matt Potere, Chief Executive Officer of Sunlight. “As demand for residential solar and battery storage solutions continues to grow, Sunlight is well-positioned to extend its lead as the point-of-sale technology platform of choice and provide frictionless financing for solar and home improvement customers, contractors and capital providers. We look forward to further scaling our business and executing on our strategic goals to deliver sustainable and profitable growth and create long-term value for our stockholders.”
The deal was funded by a combination of Spartan’s cash-in-trust and $250 million of proceeds from the previously announced private placement of Spartan’s shares, which was fully committed by a pool of institutional and other accredited investors. Sunlight Financial Holdings is now 50 percent owned by Sunlight’s existing equity holders, while Spartan stockholders hold a 26 percent stake. Participants in the Private Investment in Public Equity (PIPE) own 19 percent.
“As a company at the nexus of fintech, solar and ESG, Sunlight has an incredible opportunity to empower more homeowners to embrace clean energy technologies,” said Geoffrey Strong, CEO of Spartan and Senior Partner, Co-head of Infrastructure and Natural Resources at Apollo. “We are excited to work with Matt and the entire Sunlight team as they continue in their mission to provide affordable, responsible financing to accelerate America’s transition to clean energy.”
Citi acted as exclusive financial advisor to Sunlight.
— Solar Builder magazine