San Francisco and New York – July 15, 2015 – Kilowatt Financial (KWF) and Clean Power Finance (CPF) are planning to merge to create Elevate Power™. Elevate Power will provide a full suite of financing products for the solar and energy efficiency markets. The company’s power purchase agreements, leases and loans will help consumers and businesses from Boston to Honolulu manage their energy bills.
“KWF and CPF have been close business partners since 2012, having financed hundreds of millions of dollars in residential solar systems. Together we will offer winning financing products for end-consumers, sold and installed by a large and growing channel,” said Nat Kreamer, current CEO of CPF and CEO-elect of Elevate Power. “Our collective track record of financial and operational risk management will allow Elevate Power to raise efficient capital to fund growth.”
More than 50,000 existing customers will save money using renewable energy technologies and home improvement financial services provided by Elevate Power. The company will have more than $1.6 billion in project and loan financing under management.
“We will be focused on providing value to end-consumers and helping channel partners rapidly grow their businesses,” said Matt Melius, current CEO of KWF and COO-elect of Elevate Power. “We will be able to finance solar and energy efficiency in 46 states.”
Elevate Power will be one of the largest providers of third-party residential solar financing and loans in the U.S. The company will also facilitate commercial solar financing through Hawaii’s Green Energy Market Securitization (GEMS) program. Elevate Power will expand its energy efficiency financing business, which today helps thousands of consumers save money with energy-saving home improvements.