Carlyle to Buy Sungage Residential Solar Loans as Banks Retreat.

Carlyle Group Inc. has agreed to purchase approximately $450 million of loans from Sungage Financial, a financing company that provides loans to consumers for adding solar cells to their homes. This acquisition comes as regional banks and traditional buyers have reduced their purchases of such loans. Carlyle will also acquire a minority stake in Sungage as part of the transaction. The push from private credit lenders to acquire these loans has increased since the collapse of Silicon Valley Bank last year. Sungage offers online financing for solar, roof, and battery loans. [Extracted from the article]