When a California-based solar installation company sought a line of credit to help fund its growth, the company partnered with Republic Business Credit. Republic provided an asset-based line of credit on accounts receivable and inventory to the company seeking to expand its footprint into new territories.
The company is a vertically integrated solar provider that performs the design, installation, and maintenance of residential solar energy systems in California, Florida and Arizona.
Recently, the trend of installing solar panels on homes has surged, especially in warmer states, as it provides a manner of reducing residential electricity bills. According to the Solar Energy Industries Association (SEIA), the residential solar market experienced its sixth consecutive record year in 2022, as annual residential solar PV installations have continued to increase.
Due to the rapid growth in the solar industry, the California solar provider sought a flexible partner to provide a line of credit in this high growth atmosphere. Republic was the answer, as it provided the company with a $6 million total credit facility within a few months.
Republic was introduced to the client by an investment bank that wanted to assist the company but could not accommodate its unique needs and rapid growth. This was the first financing facility the company sought and received, and the company’s leadership team wanted a lender who understood their industry and ambitions.
Republic was able to provide expertise in both the solar industry and financing options that suited the company’s goals. Jason Carmona, Executive Vice President, Western Regional Manager, at Republic has a strong background in underwriting and the solar industry, making him the ideal partner for the company.
“Our team was uniquely positioned to help this company,” Carmona said. “Having previous experience with an employer that understood solar industry finances, I understood what this company needed. Because we offer tailored solutions, we were able to step in and provide different layers of support.”
“We are grateful for Republic’s managers who understand the unique financial circumstances of the solar industry,” said the California company’s CEO. “We are motivated to grow with the confidence their line of credit has provided us.”