OAKLAND, Calif. – Sungevity, Inc., a technology company whose platform enables the sale and installation of solar energy systems, today announced it has signed an engagement letter with Citi pursuant to which Citi will act as its strategic financing advisor for the consumer finance products included in its offerings. In the context of the engagement, Citi will assist Sungevity in structuring and sourcing financing that will enable the development of new residential systems in the United States through Sungevity’s solar loan, lease and PPA offerings.
Sungevity’s asset light business model offers its customers complete solar energy solutions available from top manufacturers, installers and financial institutions. The purpose of the proposed engagement is to facilitate access to funding to enable Sungevity to offer its customers the lowest-cost financing options. By combining access to funding with Sungevity’s market leading solar solutions and network of trusted local installers, the company seeks to strengthen its position of achieving the highest customer satisfaction among solar customers. Increasing value for customers is consistent with Sungevity’s long-term strategy as contemplated in its proposed merger with Easterly Acquisition Corporation.
“We are very pleased to extend and deepen our strategic relationship with Citi, a leading global bank with extensive experience in consumer financing,” said Drew Hamer, Sungevity’s Chief Financial Officer. “By offering our customers the best financing options for years to come we are enabling our strategy of unlocking shareholder value through an asset-light business model.”
Sungevity is a technology company whose platform enables the sale and installation of solar energy systems to residential and commercial customers in the United States and internationally. Sungevity serves customers in 14 U.S. states and the District of Columbia, as well as in the Netherlands, Belgium, Germany and the United Kingdom. The company’s asset-light business model focuses on value-added in-house services for software platform development, project management and customer experience; this focus is enabled by a strong, scalable network of third-party providers for asset-intensive and/or lower margin provision of hardware, installation services and financing. Sungevity’s disruptive and competitive model delivers greater value directly to customers and, for stockholders, captures immediate financial value at the time of sale. For more information visit www.sungevity.com.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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