Solar firm GoodLeap has reached a massive valuation as it looks to make U.S. homes greener.
In the past 10 months, GoodLeap has amassed more than $1 billion from major tech players including Michael Dell and Laurence Tosi. Following a September fundraising round, the firm has hit a valuation of $12 billion, according to the Wall Street Journal.
The company is led by Hayes Barnard, who was previously chief revenue officer at SolarCity. Barnard resigned in 2016 after Tesla acquired the company, which was in financial stress.
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GoodLeap is one of the biggest companies for rooftop solar financing, the Journal reported. The company has created technology that helps connect consumers, lenders and those who install solar panels. Software provided to lenders helps track finances as well as customer satisfaction.
Meanwhile, vendors can utilize an app to talk to lenders and get approvals for loans. Consumers are able to use a different app to monitor power production, savings and how much solar-generated electricity they sell back to their local utility.
According to the Journal, the company projects to originate $5.2 billion in loans this year. Last year, the company originated $3.3 billion in loans.
GoodLeap plans on using its latest financing on a variety of initiatives. The company aims to get into home improvement, helping to support the installation of heat pumps, energy-efficient windows and artificial lawns. It is also looking to either acquire or merge with other solar financing companies.
One thing GoodLeap does not appear to be planning is going public, the Journal reports. Banks reportedly told Barnard that an IPO would value the company at more than $12 billion, but Barnard opted to stay private for the time being.
Demand for residential solar power is soaring across the country. According to energy and research consultancy Wood Mackenzie, 3,234 megawatts of residential solar power capacity was installed last year. That’s more than 13 times what was installed a decade earlier.
[WSJ] — Holden Walter-Warner