US solar lender Dividend Finance acquired by bank Fifth Third

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Fifth Third is to revisit its clean energy financing target after the acquisition. Image: Solar Rights Alliance via Twitter.

US residential solar lender Dividend Finance is to be acquired by Ohio-based banking company Fifth Third.  

Dividend, which offers financing packages for rooftop solar, energy storage and other home improvement schemes, professes to be one of the US’s leading solar lenders nationally and has developed a point-of-sale platform to improve access to financing for customers and contractors.

Fifth Third, meanwhile, is pursuing a goal of facilitating US$8 billion of sustainable financing by 2025, which includes lending and financing for a host of renewables projects and commercial clients, however the company has said it is now “actively assessing” a new target as a result of its acquisition of Dividend.

The deal is subject to closing conditions and regulatory approvals, and is expected to close in Q2 2022.

“The addition of Dividend Finance to our renewable energy portfolio enhances the scale of Fifth Third’s growing digital service capabilities and supports the Bank’s commitment to environmental leadership in financial services,” Greg Carmichael, chairman and CEO at Fifth Third, said.

US residential solar, which experienced significant growth rates last year, is widely tipped to perform strongly again in 2022 with growth rates upwards of 30% being forecast by some industry stakeholders.

Its growth has prompted renewed interest in the financing of residential solar, with Sunlight Financial going public last year via a deal with special purpose acquisition company (SPAC) Spartan.

15 June 2022
Consumers are turning to residential renewables in significant numbers, driven by a desire to be environmentally conscious and a wave of high power prices. But turning green requires easy-to-use and, above all, safe technologies that meet expectations. Huawei is committed to building efficient, safe, reliable and grid-supporting smart PV plants that also provide smart services to consumers, and its Residential Solution has been tailored to meet consumer demand. This webinar will demonstrate the full suite of technologies offered within the Huawei Residential Solution, including a smart energy controller, smart AC charger, and AI-powered energy storage solution, and detail how it can place power back in the consumer’s hands.

Read Next

May 17, 2022
German utility giant RWE has issued a green bond with a volume of €2 billion (US$2.1 billion), the proceeds of which will be used to pursue development of solar and wind projects.
May 13, 2022
Retail giant IKEA has partnered with US residential solar installer SunPower to offer home PV solutions in the US.
PV Tech Premium
May 10, 2022
Erik Martinson, CEO at residential solar challenger Svea Solar, speaks to PV Tech Premium about how Europe’s energy crises and sustainability trends are lifting the home solar and energy storage markets.
PV Tech Premium
May 9, 2022
The solar industry’s manufacturing footprint, and indeed the projects themselves, are becoming ever larger, with more panels and other associated equipment being packaged and shipped globally. Now, as Emilie Oxel O’Leary, CEO at Green Clean Solar explains, the industry is getting serious on its end of life obligations and establishing a true circular economy
May 6, 2022
US residential solar installer SunPower’s backlog soared to a record 13,800 customers entering Q2 2022 with the installer confirming a series of investments it is making to meet surging demand.
May 5, 2022
A breakdown of leading US solar installer Sunrun's financial results for Q1 2022 when it added 29,463 customers, with management now expecting installed solar capacity to be 25% or greater for the full year 2022.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA