Goldman to Buy $320 Million of Loans From Solar Lender Loanpal
Goldman to Buy $320 Million of Loans From Solar Lender Loanpal
(Bloomberg) -- Goldman Sachs Group Inc. committed to buy an estimated $320 million of loans over the coming six months from Loanpal, the top U.S. provider of residential solar financing.
The bank also expanded its warehouse facility with Loanpal to $300 million, according to a statement Tuesday. Loanpal provides about $200 million in loans per month.
Separately, Goldman securitized $459 million worth of Loanpal solar loans that it and funds managed by CarVal Investors had previously purchased. Clients of GSO Capital Partners, a credit unit of Blackstone Group Inc., are the senior investors in the securitizations. The two solar securitizations were the first “since credit markets effectively closed as a result of the Covid-19 pandemic,” analysts at Roth Capital Partners said in a note last week.
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