New York and Boulder, Colo. - June 27, 2019 - Wunder Capital (“Wunder”), a leader in commercial solar lending, today announced that it has entered into a whole loan purchase agreement with Fundamental Advisors LP (“Fundamental”), a leading alternative asset manager focused on public purpose assets, to provide capital for the development, construction, and term financing of commercial and industrial scale solar energy projects throughout the United States. Combining Wunder’s robust pipeline and innovative technology with Fundamental’s flexible capital and vast investment experience, this partnership will provide turn-key financing solutions in an otherwise fragmented and underserved market. With the intention of deploying $200 million across both community and single offtake projects, the partnership will target individual project loan sizes of $100,000 to $5 million.
“As an active investor in solar, we are pleased to partner with Wunder to further expand our presence in this market and address the critical capital needs of developers in the growing ecosystem of small scale solar projects,” said Laurence Gottlieb, Chairman and CEO of Fundamental. “Through our shared mission of providing flexible financing solutions to solar projects, we will not only seek to produce attractive financial returns, but also generate meaningful environmental benefits, which we are extremely proud of.”
This partnership comes on the heels of Wunder’s extraordinary growth in 2018, during which its solar project pipeline grew to over $2.5 billion. By partnering with Fundamental, Wunder has now taken another important step towards cementing its position as a leading provider of financing to commercial solar developers and asset owners.
“With an extensive track record, sterling reputation, and close mission alignment, we’re thrilled to be working with Fundamental to bring much-needed capital to this important market segment. We view this partnership as further confirmation of the work that we do here at Wunder to drive down transaction costs, effectively and efficiently underwrite solar credit risk, and unlock the commercial and industrial solar market,” said Bryan Birsic, CEO of Wunder Capital. “We’re excited to grow our solar footprint alongside Fundamental and we remain incredibly optimistic about the potential of the domestic commercial solar market.”
Wunder Capital is a financial technology company that provides financing solutions to commercial and industrial-scale solar energy projects across the United States. Based in Boulder Colorado, Wunder allows financial institutions to invest in solar energy projects and make a difference without sacrificing return expectations. Wunder was founded in 2013 and won the U.S. Department of Energy’s 2014 Sunshot Challenge, COSEIA’s 2015 Summit Award, and was the first solar company to complete the prestigious Techstars Technology Accelerator program in 2014. Wunder’s software-based approach is dedicated to unlocking the commercial solar opportunity and “accelerating our clean and plentiful energy future.” Visit WunderCapital.com to learn more.
Fundamental Advisors is a leading alternative asset manager dedicated to municipal and public purpose investing. Founded in 2007, Fundamental makes control-oriented turnaround investments in real assets, finances the development or revitalization of public purpose assets, and acquires undervalued securities in the secondary market. Fundamental’s investments are often purpose-built and/or critical to the community, including affordable and workforce housing, senior care, alternative energy, infrastructure and hospitality. For more information, please visit www.fundamental.com.