Fifth Third buys solar financing company Dividend Finance

Fifth Third Bancorp announced a definitive agreement to acquire Dividend Finance, a provider of financing solutions for residential renewable energy and sustainability-focused home improvement.

“The addition of Dividend Finance to our renewable energy portfolio enhances the scale of Fifth Third’s growing digital service capabilities and supports the Bank’s commitment to environmental leadership in financial services,” said Greg Carmichael, Fifth Third chairman and CEO. “Together, we will help our customers with innovative, technology-driven financial solutions.”

Dividend Finance was founded in 2013 in San Francisco and is one of the top national solar lenders. Dividend’s POS technology platforms enable contractors and homeowners to easily access financing for solar and home improvement projects. LL Funds is the majority shareholder in Dividend Finance.

“We are proud and excited to join the Fifth Third team. Their focus on tech-driven innovation and leadership on ESG matters is well known and will complement our culture. Dividend’s ability to leverage the extensive balance sheet, advantaged cost-of-funds and broader resources of Fifth Third will provide a tremendous edge to our customers and enable us to continue to accelerate growth,” said Eric White, Dividend Finance CEO.

The acquisition is subject to customary closing conditions, including regulatory approvals. Fifth Third currently expects the transaction to close in the second quarter of 2022. Macquarie Capital served as financial advisor and Dentons served as legal counsel to Dividend Finance.

News item from Fifth Third

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Original Source: https://www.solarpowerworldonline.com/2022/01/firth-third-buys-solar-financing-company-dividend-finance/