News Release

Carlyle Enters into Strategic Partnership with Sungage Financial

NEW YORK, NY and BOSTON, MA – May 16, 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced that it has entered into a $450 million forward flow agreement to purchase newly issued residential solar loans from Sungage Financial (“Sungage”), a leading provider of solar financing. In addition, Carlyle made a strategic investment into Sungage Financial. This partnership will enable Sungage Financial to increase their origination capacity and drive future growth.

Founded in early 2011, Sungage launched the nation’s first asset-backed solar loan designed specifically for residential projects. Today, Sungage partners with solar and battery sales and installation companies leading the home energy revolution by helping homeowners finance energy efficient home improvements. Sungage offers reliable and flexible online financing solutions with the lowest monthly payments available for solar, roof, and battery loans. 

“Our partnership with Carlyle is a huge win in so many ways,” said Sungage Financial CEO Michael Gilroy. “It gives Sungage line of sight to tremendous capacity and accelerates our ability to scale. Ultimately, it will help us make solar more affordable and accessible for homeowners, as we all work toward a more sustainable future.” 

“This partnership highlights Carlyle’s robust asset-backed finance capabilities, enabling us to deliver scaled, tailored solutions that meet the complex needs of our clients, ” said Akhil Bansal, Head of Credit Strategic Solutions at Carlyle. “We are excited to partner with Sungage to drive this next phase of growth for the company.”

"The energy transition is one of the most significant investment opportunities of our time,” said Steve Hatfield, Co-Head of Global Sustainability at Carlyle. “Sungage Financial’s mission to help homeowners transition to a renewable energy source is helping build a more sustainable future for both homeowners and our energy system."

This transaction was led by Carlyle’s Credit Strategic Solutions (“CSS”) team, a group within the Global Credit business focused on private fixed income and asset-backed investments. The highly experienced team leverages the knowledge, sourcing, structuring, and breadth of the entire Carlyle investment platform to deliver tailored asset-focused financing solutions to businesses, specialty finance companies, banks, asset managers, and other originators and owners of diversified pools of assets.

CSS has deployed more than $3.5 billion since 2021 and has roughly $7 billion in assets under management as of March 31st, 2024. 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as of March 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Sungage Financial

Sungage Financial LLC is shaping the residential solar industry by offering reliable and flexible financing solutions at the lowest monthly payments available. Sungage enables solar installers to build strong and resilient businesses while helping families save money and live more sustainably. Headquartered in Boston, MA, with offices in Oakland, CA, and teams in Hawaii and Utah, Sungage currently operates in 44 states as well as the District of Columbia. For more information, please visit


Media Contacts

Kristen Ashton
Phone: +1 212-813-4763 


Sungage Financial

Ashleigh Carwile

Phone: +1 813-205-3300