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Sunlight Financial announced it has exceeded $4 billion in loan originations via its proprietary Orange® platform, supporting homeowners in transitioning to clean energy. CEO Matt Potere highlighted the platform’s low default rates and strong credit quality, benefiting capital providers. Sunlight's technology streamlines the financing process for solar and home improvement projects, with over 15,000 contractors engaged. A business combination with Spartan Acquisition Corp. II (NYSE: SPRQ) is projected to close in Q2 2021, with the new public company named Sunlight Financial Holdings Inc.
Sunlight Financial is merging with Spartan Acquisition Corp. II (NYSE: SPRQ) to create a publicly traded company focused on residential solar financing. In 2020, Sunlight achieved a 41% increase in funded loan volume to $1.47 billion and total revenue growth of 31% to $69.6 million, with adjusted EBITDA growing 40% to $24 million. For 2021, Sunlight expects 81% growth in funded loan volume to $2.66 billion and 77% revenue growth to $123.4 million. The merger is set to close in Q2 2021, with future listings under the ticker "SUNL".
Sunlight Financial has announced a new funding commitment from Tech CU, totaling nearly $2.5 billion for residential solar and storage systems over the next three years. This extends their partnership initiated in 2015 and is projected to finance approximately 75,000 solar systems, avoiding over 7.5 million metric tons of CO2 emissions. Sunlight's loan products, facilitated through their technology platform Orange®, aim to provide lower monthly payments compared to pre-solar utility bills. The business combination with Spartan Acquisition Corp. II is anticipated to close in Q2 2021.
Sunlight Financial has announced that its CEO, Matt Potere, and CFO, Barry Edinburg, will participate in a virtual fireside chat at the 33rd Annual ROTH Conference on March 15, 2021, at 9:00 AM ET. The webcast will be accessible through Sunlight's website and will be available for replay for 90 days. Additionally, Sunlight has entered a business combination agreement with Spartan Acquisition Corp. II (NYSE: SPRQ), which is expected to close in Q2 2021, leading to the formation of Sunlight Financial Holdings Inc..
Sunlight Financial LLC and Spartan Acquisition Corp. II (NYSE: SPRQ) have announced a definitive agreement for a business combination, resulting in Sunlight becoming a publicly traded company. The transaction, with an implied pro forma equity value of $1.3 billion, is expected to close in Q2 2021. Sunlight has funded over $3.5 billion in solar loans and boasts a robust platform that serves over 14,000 users. Existing Sunlight investors will hold approximately 50% of the new entity, with Spartan's shareholders at 26% and PIPE participants at 19%.
Spartan Acquisition Corp. II announced the pricing of its IPO, offering 30,000,000 units at $10.00 each, to be listed on the NYSE under the symbol 'SPRQ U' starting November 25, 2020. Each unit includes one share of Class A common stock and half a redeemable warrant, enabling purchase of additional shares at $11.50. Underwriters have a 45-day option to buy up to 4,500,000 additional units. The offering aims to identify a target business in the energy sector, particularly focused on energy transition. Forward-looking statements indicate uncertainties regarding completion of the offering.
On November 23, 2020, Spartan Acquisition Corp. II announced its initial public offering (IPO) of 25 million units priced at $10.00 each. The offering includes a 45-day option for underwriters to purchase an additional 3.75 million units. Each unit comprises one share of Class A common stock and one-half of a redeemable warrant, with whole warrants exercisable at $11.50 per share. The units will trade on the NYSE under the symbol ‘SPRQ U’. Spartan focuses on merger opportunities in the energy value chain, particularly aligned with sustainability themes, sponsored by Apollo Global Management.
