Plenti raises $100m to expand loans for solar and storage

ASX-listed personal loan provider Plenti has successfully established a $100 million facility that will allow the company to expand its offering of loans for rooftop solar and storage projects.

Plenti Group will use the facility to support the growth of its renewable energy lending programs, including by providing low interest loans for households and businesses to install rooftop solar and storage.

Plenti, which was formally known as RateSetter, has already secured an arrangement with the NSW government to serve as a funding partner for the Empowering Homes Program, which provides zero interest loans of up to $14,000 for households to install rooftop solar and battery storage.

The company also plays a similar role in the South Australian Home Battery Scheme, which provides households access to zero interest loans and initially offered up to $6,000 in direct subsidies for solar and storage installations.

“Plenti is dedicated to helping Australia achieve a bright clean energy future. The Plenti renewable lending business has funded over 11,000 loans for solar power purposes since inception, culminating in over $100 million loans funded. We estimate this equates to a total carbon abatement of over 700 tonnes of CO₂-e over the systems’ lifespans,” Plenti CEO Daniel Foggo said.

“Mass adoption of clean energy is critical to Plenti’s future. Solar power, in particular solar batteries, allow households to be self-sufficient from the energy grid. Solar batteries also empower homeowners to achieve sustainable financial independence through low energy bills. Supporting Australians make the switch to green energy just makes sense.”

“There is growing demand for our renewable energy and personal loans. Clean energy should be the new normal, and we are working tirelessly to empower consumers to embrace new energy technology. This kind of warehouse facility will make our affordable finance available to tens of thousands of new customers,” Foggo added.

Plenti said that a major domestic bank had stepped in to provide the funding commitment, with two institutional investors providing additional mezzanine finance.

The company had previously secured access to $100 million in finance provided by the Clean Energy Finance Corporation, which as been used to finance up to 40,000 loans provided under the South Australian Home Battery Scheme.

“It is fantastic to have received further support from our bank funding partners and introduce two new investors to our warehouse funding program. We appreciate their shared commitment to helping to support our environment by helping Australians finance the purchase of new energy technologies such as solar panels and home batteries,” Foggo added.