We first wrote about Open Energy last year – exploring the potential market for a peer-to-peer platform solely focused on solar energy. The platform is a marketplace for US renewable energy infrastructure investment, providing debt finance for commercial and small-scale utility plants.
Open Energy facilitated $1.42 million of funding in 2014. The company has just closed a $750,000 senior loan for a 500kW commercial solar portfolio comprising of ten 50kW operating installations, located in metropolitan areas of Tennessee and Alabama. Thirty investors were involved in the deal, investing on average $25,000 each.
Open Energy’s process has thus far proved highly successful for both lenders and borrowers.
Carlos Mayer, CEO of Vis Solis, Inc., commented:
“Open Energy provided us with a great loan solution. Through their financing efforts, OEG is addressing an important need in the commercial solar loan market in a smart and professional manner. They are extremely knowledgeable and dedicated to finding effective financing solutions for great projects and are a pleasure to work with. The loan process was smooth and efficient and our loan was funded faster than conventional financing sources. We are pleased to have funded a portfolio of projects with Open Energy and look forward to working with them again in the future.”
Justin Sanders, Open Energy investor, added:
“I have been incredibly happy with my Open Energy investments. The investment process is straightforward, and they are great low-risk, high-yield investments for my fixed income portfolio.”
“We are pleased to continue our financing efforts and to surpass the $1 million mark. In conjunction with our online Investor and Borrower Portals, our technology platform enables us to source, underwrite, and fund loans to commercial renewable energy projects efficiently and thereby providing much needed capital and generating great risk-adjusted returns for the investors.”