• Grace Kirkpatrick

News: Keyframe, Cyrus Capital, and Ares Management invest in Wunder Capital

Wunder Capital announced that it had partnered with Keyframe, Cyrus Capital, and Ares Management to provide financing for more than $100 million in commercial solar loans. Wunder is a fintech company that facilitates solar installations for businesses, municipalities, and nonprofits.


Below is a re-print of the press release from Business Wire, which can be found here.



Ares Management, Cyrus, and Keyframe Partner with Wunder Capital to Invest in the U.S. Commercial Solar Market


Amid COVID-19 and Broader Market Turbulence, Commitment of More Than $100 Million Demonstrates Strong Support for Commercial Solar Projects


July 14, 2020 08:00 AM Eastern Daylight Time


NEW YORK & BOULDER, Colo.--(BUSINESS WIRE)--Wunder Capital (“Wunder”), the nation’s leader in commercial and industrial solar financing, today announced it has partnered with funds managed by Ares Management Corporation’s Infrastructure and Power strategy (“AIP”), Cyrus Capital Partners (“Cyrus”), and Keyframe Capital (“Keyframe”) to provide financing for more than $100 million in commercial solar loans. The commitment represents a boost for the commercial solar market.


Additionally, AIP, Cyrus, and Keyframe are providing a further investment to expand Wunder Capital’s corporate operations and pursue new market-driven opportunities. Michael Roth, Managing Director of Ares Infrastructure and Power, will join John Rapaport, Chief Investment Officer of Keyframe Capital and Partner at Cyrus Capital, on Wunder’s Board of Directors.


Wunder, a fintech company leveraging deep expertise in technology, data, and project finance to make solar more accessible for businesses, municipalities, and nonprofits, gives investment partners programmatic access to solar investment opportunities that provide strong returns while combating global climate change. Wunder currently operates in 34 states, with more than 300 active solar installation and development partners nation-wide.


“Access to capital and seamless deployment is key for the continued growth of distributed generation,” said Keith Derman, Partner and Co-Head of Ares Infrastructure and Power. “Wunder is a demonstrated leader in the commercial and industrial solar space, and we’re excited to fund the growth of this important market sector together.”


“High transaction costs and underwriting uncertainty have for years been the primary barrier to accessing solar energy project financing for this critical, but historically underserved, set of energy consumers,” said John Rapaport of Keyframe and Cyrus. “It has been remarkable to watch Wunder Capital’s platform solve these longstanding problems since the beginning of our partnership in 2018 and we are excited to expand this relationship along with the Ares Infrastructure team.”


In partnering with AIP, Cyrus, and Keyframe, Wunder’s proprietary technology platform will provide select solar installers and developers with turnkey pre-NTP (notice to proceed) development capital solutions.


“We’re thrilled to be partnering with Ares Infrastructure and Power, whose reputation and impact within the solar market needs no introduction. Additionally, we’re excited to expand our existing relationship with Cyrus and Keyframe, who have been exceptional partners of ours for the past few years,” said Wunder CEO Dave Riess. “This joint transaction, hopefully the first of many, will provide much needed financing for commercial solar development activities through this difficult market period, and this partnership will play a pivotal role in driving the growth of the commercial solar market for years to come.”


About Wunder


Wunder Capital (“Wunder”) is the nation’s leader in commercial and industrial solar finance, providing investment institutions with programmatic access to the burgeoning U.S. market. For solar installers, developers, and energy customers, Wunder’s software-based approach provides a tech-enabled lending experience that is simple, fast, and frictionless, supplying projects and market actors with innovative financing solutions while “accelerating our clean and plentiful energy future.” Please visit www.wundercapital.com​ for additional information.


About Ares Management Corporation


Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity and Real Estate. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management’s global platform had $149 billion in assets under management as of March 31, 2020 with more than 1,250 employees operating across North America, Europe, Asia and Australia. Please visit www.aresmgmt.com for additional information.


About Ares Infrastructure and Power


Ares Infrastructure and Power (“AIP”) seeks to provide flexible capital for cash-generating assets across the climate infrastructure, natural gas generation, and energy transportation sectors. AIP leverages a broadly skilled and cohesive team with deep domain experience and has deployed over $8.5 billion of capital in over 140 investments and more than 200 different infrastructure and power assets and companies.


About Cyrus


Cyrus Capital Partners, L.P. is an SEC registered investment adviser with offices in New York and London. Cyrus invests on a global basis across the entire capital structure of companies, directly structures capital solutions for companies, and leads capital raises. Cyrus is an active investor that is deep value-focused and experienced in legal and process-oriented opportunities. Cyrus was founded by Stephen C. Freidheim in 1999, became independently-owned in 2005, and today manages over $3 billion. Please visit www.cyruscapital.com for additional information.


About Keyframe


Keyframe Capital Partner, L.P. is a New York based SEC registered investment advisor. The firm’s generalist, cross-asset mandate allows it to invest across a diverse range of business models and capital structures. Keyframe looks to build long term partnerships with companies, and to leverage its flexibility to help solve their most complex asset and corporate financing requirements. The firm was established in 2019 and is investing out of its inaugural fund of roughly $250M. Keyframe maintains an affiliation with Cyrus Capital. Please visit www.keyframecapital.com for additional information.


Contacts

Media Contacts

Wunder: Sam Beaudin | (720) 460-9825 | press@wundercapital.com



The views expressed here are those of the individual Keyframe Capital personnel quoted and are not the views of Keyframe Capital or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by Keyframe Capital. While taken from sources believed to be reliable, Keyframe has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

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