Germany's prominent digital platform for residential solar, zolar, has successfully secured €100 million in funding in collaboration with BNP Paribas, a leading global financial institution. This strategic partnership heralds the introduction of zolar's pioneering financing solution for residential solar consumers, known as "zolar Easypay."
The launch of zolar Easypay signifies a significant expansion of the climate-tech company's product portfolio, aimed at empowering German households. This innovative solution offers a fully customizable installment loan option for owning solar systems and associated energy management products. It underscores zolar's commitment to its mission of facilitating cost savings for customers through the adoption of solar energy, giving them the flexibility to choose between a one-time upfront payment or a tailored monthly fee.
Jamie Heywood, CEO at zolar, said: “This new offering represents a pivotal milestone for Zolar and the consumers we serve. As the residential solar market matures, the demand for innovative financing solutions has never been more apparent. We are excited to lead this transformation with zolar Easypay, offering unparalleled value to our customers.”
Manish Chandra, Head of ABS Markets and Financing at BNP Paribas, commented: “We are proud to support zolar in its mission of making renewable energy easy and accessible for everyone. BNP Paribas is committed to financing the green transition, and we are excited to contribute our expertise in developing this new asset class in Europe.”
“We are thrilled to have advised zolar and contributed our expertise in the field of sustainable securitisation to this transaction,” added Dietmar Helms, Partner at Hogan Lovells, the law firm with extensive credentials in green ABS transactions.
Since its inception in 2016, zolar has successfully raised nearly €300 million to advance its mission. This latest transaction, alongside recent market developments, underscores the sector's significant evolution and the growing interest from financial institutions in Europe's sustainable and green transition endeavors.
As a climate tech startup, zolar offers homeowners and local tradespeople seamless access to personalized solar solutions through its intuitive online platform. Rooted in the vision of democratizing access to affordable, self-generated green energy, zolar is committed to facilitating meaningful contributions to climate protection efforts.
With an ambitious target in sight, zolar aims to empower over ten million households across Europe with renewable energy solutions by 2030, paving the way for a more sustainable and environmentally conscious future.