US solar lending institution Dividend Finance acquired by bank Fifth Third

• US domestic solar lender Dividend Finance is to be gotten by Ohio-based banking company Fifth Third.

Dividend, which offers financing bundles for rooftop solar, power storage and various other home enhancement schemes, proclaims to be one of the United States's leading solar lending institutions across the country and has created a point-of-sale platform to boost access to financing for clients and also contractors.

Fifth Third, meanwhile, is seeking a goal of helping with US$ 8 billion of lasting funding by 2025, which includes lending and also funding for a host of renewables projects and also industrial customers, nevertheless the company has stated it is now "actively evaluating" a new target as a result of its acquisition of Dividend.

The deal goes through closing conditions and also regulative authorizations, and also is anticipated to close in Q2 2022.

"The addition of Dividend Finance to our renewable energy portfolio enhances the scale of Fifth Third's growing electronic solution capabilities and supports the Bank's commitment to ecological leadership in monetary services," Greg Carmichael, chairman and also CEO at Fifth Third, claimed.

US property solar, which experienced considerable growth rates last year, is commonly tipped to carry out strongly once more in 2022 with development rates upwards of 30% being anticipated by some industry stakeholders.

Its growth has actually motivated restored interest in the financing of property solar, with Sunlight Financial going public last year through a take care of special purpose acquisition company (SPAC) Spartan.