Open Energy, a debt finance firm that provides solar project loans to solar developers and project owners through its unique marketplace lending model, today announced the launch of its new online platform, designed to streamline the loan application process.
This is considered the first comprehensive online loan application in the solar market – a significant industry milestone that brings the commercial solar industry one step closer to cutting prohibitive transaction costs and accessing financing quickly.
Graham Smith, founder of Open Energy, explained:
“In today’s age you can do pretty much anything online, whether it’s applying to lease a car or take out a mortgage – so, why not a solar project loan? There is a clear gap in the industry, which we believe our new platform will fill by automating this process. Applying for a loan online is the next step necessary to kick start an industry currently poised for enormous growth. We’re excited to roll out a tool that makes applying for a commercial solar project loan easier than ever.”
Open Energy is launching its platform at Solar Power International (SPI), one of the largest solar conferences in the United States. With the new web portal, Open Energy is providing qualified developers and project owners with faster access to non-recourse debt financing for high-quality commercial solar power assets. The portal will streamline the loan application process by consolidating the due diligence required, reducing the time necessary to qualify a loan. The end result – solar project loan capital available quickly and inexpensively.