Wunder Capital Raises $112 Million to Help Businesses Go Solar
Wunder Capital Raises $112 Million to Help Businesses Go Solar
(Bloomberg) -- Wunder Capital raised $112 million in equity and debt financing to boost deployments of commercial solar systems.
The Series B financing was led by Cyrus Capital Partners LP and joined by existing investors including TechStars Central LLC, Boulder, Colorado-based Wunder Capital said in a statement Wednesday. John Rapaport, a Cyrus partner, is joining Wunder’s board.
Wunder’s software chooses promising commercial properties to finance. The company has loaned funds for more than 185 solar projects with a total of about 65 megawatts of capacity. It expects to provide financing for about 120 megawatts this year, more than triple the 37 megawatts completed last year, according to Chief Executive Officer Bryan Birsic.
Non-residential solar, which includes commercial projects, was a bright spot for the industry last year, with a 28 percent increase, compared with a 16 percent decrease in residential rooftop installations, according to the Solar Energy Industries Association.
To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net.
To contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Will Wade, Joe Richter
©2018 Bloomberg L.P.