Firth Third buys solar financing company Dividend Finance
Fifth Third Bancorp has announced a definitive agreement to acquire Dividend Finance, a provider of renewable energy financing solutions for residential and sustainable home improvement.
“The addition of Dividend Finance to our renewable energy portfolio expands the scale of Fifth Third’s growing digital services 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 largest 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 of Dividend Finance.
“We are proud and delighted to be joining the fifth third team. Their focus on technology-driven innovation and leadership in ESG matters is well known and will complement our culture. Dividend’s ability to leverage Fifth Third’s comprehensive balance sheet, advantageous cost-of-funds and broader resources will give our clients a huge edge 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 was a financial advisor and Denton’s legal advisor to Dividend Finance.
News item from Fifth Third