Wunder Capital provides the underserved commercial solar market with non-recourse loans. With over $200M of financing deployed to date, we've quickly established ourselves as the leader in commercial solar lending.
Wunder has funded a wide variety of commercial solar projects for businesses, nonprofits, municipalities, utilities, virtual net metered off-takers, and community solar developments. Most projects are between 100kW - 5MW in size.
For more information about the types of projects that may be a good fit for Wunder financing, please see Project Eligibility.
Wunder offers both fully amortized and mini-perm loans, depending on the borrower’s goals and the project economics. Terms range from 5-20 years, and amortization schedules range from 5-20 years.
Fully amortized loans are a great option for borrowers who prefer their loan to be fully paid at the end of their term.
Mini-perm loans (e.g. 10 year loan with a 20 year amortization schedule) help borrowers to maximize monthly cashflows during the term of the loan, but do require a balloon payment at the end of the term. Typically, borrowers plan to refinance these loans through Wunder or another lender. Longer amortization schedules improve monthly cashflows, which allow Wunder to cover greater amounts of the project cost.
Loan amounts generally fall between $100K and $10M. Wunder’s loan limit for non-investment grade projects is $7M/site. The maximum loan amount available for a particular project depends on a variety of factors: primarily project economics (expected cashflows of the system), investment rating of the off-taker, and Wunder's history with the solar partner(s) involved.
All of Wunder's loans are non-recourse and backed solely by the solar system. As such, borrowers must be the legal owner of the solar system. With few exceptions, Wunder does not seek personal or corporate guarantees from it's borrowers.
Rates on Wunder loans are highly dependent upon project economics and borrower credit. Rates are fixed, and thus not subject to market volatility. Wunder provides loans to both investment grade and non-investment grade borrowers. Investment grade projects will have an active Moody’s Baa3, S&P and Fitch BBB- long-term rating or better and generally receive loans at a lower interest rate.
90% of loan proceeds are generally released after substantial completion is reached. Depending on our history with the partner and the size of the project, this is demonstrated through a third party inspection report or evidence of a successful electrical inspection (i.e. "green tags"). As the partnership progresses, Wunder partners may become eligible for additional milestone payments. See Milestone Payments for more information.
There are no fees assessed for submitting an application, for applying to work with Wunder, or at any stage in the process until after contracts are signed. A small origination fee will be drawn out of the loan proceeds at loan issuance and a small monthly maintenance fee will be assessed throughout the loan term.
Wunder loans are designed to be fairly flexible in that all prepayments are re-amortizing. While borrowers can pay down their loan at any time, most Wunder loans do have prepayment penalties that decrease annually throughout the life of the loan.
Interested in seeing a term sheet for a project you are working on? Submit a project via the Wunder Portal, and we will get you indicative terms within a few business days.