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In brief: Blackstone’s sustainable credit group targets rooftop solar

The investment in ION Solar received commitments from four private markets GPs led by Greenbelt Capital Partners.

A partnership between private investment managers including Blackstone’s new sustainable credit group is targeting the growth potential of residential solar.

Greenbelt Capital Partners led the investor group in a deal to finance US-based ION Solar, which has installed 200MW of solar power on more than 30,000 households across eight states, according to a statement from the firms.

Blackstone’s Sustainable Resources Credit Platform, which the firm launched in January, Energy Impact Partners, and Trilantic Energy Partners II North America also committed to the ION Solar investment, the statement said. In December, Greenbelt spun out from Trilantic but still advises the firm on investments.

Similar to other residential solar providers, ION Solar installs panel systems for little-to-no upfront costs and recoups its investment through the energy savings of its customers. The US residential solar market is “significant but remains underpenetrated”, the statement said. Only around 5 percent of US homes that are estimated to be compatible for residential solar have installed rooftop panel systems.