Sunlight Financial files for bankruptcy, reaches deal to sell itself

[November 01, 2023]  (Reuters) - Sunlight Financial, which provides financing for home solar systems, said late on Monday it has filed for Chapter 11 bankruptcy and that it will be sold to a consortium of investors in the solar energy industry.  

The consortium, which includes an affiliate of Greenbacker Capital Management, Sunstone Credit, IGS Ventures, and its secured lender Cross River Bank, will invest "significant new capital" in Sunlight Financial to reduce its debt, the company said in a statement.

The financial details were not disclosed.

Sunlight Financial listed its assets in the range of $100 million to $500 million while liabilities were between $500 million to $1 billion, according to an Oct. 30 filing with U.S. Bankruptcy Court for the District of Delaware.

In 2021, Sunlight Financial went public by merging with Apollo-backed Spartan Acquisition Corp II in a $1.3-billion deal, that included investments by a group led by venture investor Chamath Palihapitiya.

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Mrigank Dhaniwala)

[© 2023 Thomson Reuters. All rights reserved.]
This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.