Kilowatt Financial LLC, a Minneapolis-based provider of solar-power leases, obtained a $100 million loan from Citigroup Inc. that it will use to finance energy-efficiency projects for U.S. homeowners.
Kilowatt will loan as much as $30,000 to individuals for home improvements including upgrades to windows, insulation and appliances, the company said today in a statement. Kilowatt and Citi plan to securitize the pool loans, most of which will run for 10 years to 12 years.
Kilowatt was formed in 2011 and has raised more than $120 million in equity backing, including contributions from from Kleiner Perkins Caufield & Byers, Tim Baker, a managing director, said in an interview.
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