Finance company Brighte Capital has followed up its A$190 million debut issue of asset-backed securities in October with $100 million of funding that will be used to develop what it is calling a “gen-tailer” business model.
Since launching in 2016 Brighte has originated $600 million of finance for home improvements, much of which is used to instal solar panels and batteries.
Next year it will offer to be its customers’ energy retailer. It has submitted a retail energy licence application.
The company said: “It is a model where the customers own the energy assets and pay Brighte back over time. Brighte will be their energy retailer and help customers realise revenue from their solar panels and batteries.”
The company claims that the solar capacity it has financed generates 350 megawatts of residential solar capacity, which is more than Snowy Hydro’s Tumut 2 power station.
“It leverages our expertise in payments and dominant market position in household energy to significantly simplify the customer experience,” the company said.
The latest funding round was led by Grok Ventures, the investment company of Mike and Annie Cannon-Brookes.