Kilowatt Financial, a leading clean energy consumer finance company, today announced that it recently closed a $100 million debt facility from Citi to finance energy efficiency loans for homeowners.
With facility proceeds, Kilowatt will enable homeowners throughout the United States to make energy efficient improvements to their homes through 10-12 year unsecured loans of up to $30,000. Homeowners can use the funds for a broad range of improvements, including HVAC equipment, water heaters, windows, roofing, insulation, lighting, and energy efficient appliances. The landmark transaction is designed to facilitate a securitization of the pool of loans into the capital markets, and thereby help establish a secondary market and scale energy efficiency activity. Kilowatt and Citi expect to create term asset-backed securities from the loans, making more capital available for additional homeowners to upgrade their homes.
“Through these loans, Kilowatt Financial helps homeowners increase energy efficiency and affordability, supports job growth for our trade partners, and reduces energy consumption and its environmental impact,” said Dan Pillemer, Chairman and CEO of Kilowatt Financial. “Our mission is to provide financing to help people run their homes cleanly and economically, and we appreciate Citi’s commitment to helping us make that a reality for more homeowners.”
“Citi is proud to support Kilowatt Financial and this innovative transaction,” said Marshal Salant, Managing Director and Global Head, Citi Alternative Energy Finance. “Citi is committed to financing clean energy and energy efficiency improvement projects like Kilowatt’s loan program, which will have an immediate impact on the homeowners and communities that we both serve.” Salant added: “This transaction will allow Kilowatt to launch a much-anticipated market for the securitization of consumer energy efficiency loans in the U.S. ABS market.”Kilowatt Financial Kilowatt Financial provides consumers with affordable financing choices for solar electricity and energy-efficient home improvements so that more people can run their homes cleanly and economically. Our credit expertise makes the financing process fast and efficient, quickly approving responsible homeowners for Kilowatt products offered nationally through our qualified contractor and installer network. For Energy Efficiency partner information, please contact Tim Baker, Managing Director, (952) 540-4908 or email email@example.com. For more information, please visit www.kilowattfinancial.com. Citi 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.