Wunder prides itself on its ability to offer loans to a wider range of commercial customers than other solar financiers. However, there are a few attributes that a project and its owner must have:
Project economics need to support debt financing costs over the course of the loan term. Absent of significant regional rebates, we find this to be true for projects with competitive cost per watt pricing and average electricity costs higher than $0.10/kWh.
Wunder will lend directly to the owner of the project, whether that is an SPV that is selling power to a business through a PPA or a business owner who wants to own their own system.
The borrower should be a legal business entity such as an LLC or Corporation that has direct ownership over the solar system being financed. If the borrower is an SPV, Wunder will look through to the parent company for demonstration of business history and financial stability.
If the project has a PPA or other payment agreement, Wunder will evaluate the credit and stability of the power purchaser (offtaker). This entity can be a non-profit, private, or government entity. We'll often request financials from the off-taker and are looking for a stable business history with positive annual cashflows. Offtaker review often plays a significant role in approval and final offer dynamics.
The project needs to be built with high quality equipment that has industry-standard warranties (25 years at 80% production for panels and 10 years for inverters). Wunder does not consider financing for thin-film, sunshading, or general efficiency upgrades but will consider solar projects with a storage component.
The project site must be located in the United States.
Note: These requirements are most applicable to commercial projects generating power on-site. Applications for financing that fall into the 'community solar' category may be subject to slightly different eligibility requirements. Please contact your Wunder Representative for more information.