Dealflow | January 27, 2021

Solar fintech Sunlight Financial to go public via Apollo-affilated SPAC

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, January 27 – Sunlight Financial has enabled more than $3.5 billion in lending for residential solar installations. The New York- and Charlotte-based company will be acquired by Spartan Acquisition Corp. II, a special purpose acquisition company affiliated with $312 billion Apollo Global Management.

The transaction includes a $250 million in PIPE, or private investment in public entity, financing and values the company at $1.3 billion. 

Cleantech and renewable energy IPOs have dominated the recent wave of SPACs. Others announced this month: Electric charging operator EVgo’s merger with Climate Change Crisis Real Impact I Acquisition Corp.; electric bus maker Proterra’s merger with ArcLight Clean Transition Corp.; Renewable Resources Group and Capricorn Investment Group’s “environmental challenges” SPAC; and Ivanhoe Capital’s “sustainable mining” SPAC.