Simmons & Simmons is proud to have advised Sunsave, the UK’s first FCA-authorised solar subscription service, on its successful entry into an up to £100m asset backed solar securitisation facility with Crédit Agricole CIB. This milestone funding will enable Sunsave to accelerate the rollout of its innovative rooftop solar subscription model across England and Wales.
Simmons & Simmons’ team, led by Kathryn James on the solar securitisation asset backed financing and Raghav Ghai on the equity fundraise, provided advice to Sunsave on the transaction, which involved various complex features. The transaction will assist Sunsave to contribute towards the UK’s transition to affordable, sustainable energy solutions. They were supported by associates leading on the debt Matthew Caley and equity Elle Scurr.
Founded in 2022 by Oxford University alumni Alick Dru and Ben Graves, Sunsave addresses a critical market gap: while 70% of UK households are interested in solar panels, only 5% have installed them due to high upfront costs. Sunsave’s subscription model, launched in January 2024, eliminates these barriers by offering a £0 upfront cost solution, enabling customers to save on energy bills from day one with fixed monthly payments.
Kathryn James, Partner at Simmons & Simmons, said: “We are delighted to have advised Sunsave on this transformative transaction, continuing our longstanding relationship with the company, having supported them on their equity funding journey from seed to Series A. Sunsave’s innovative approach to solar energy is a game-changer for the UK market, and we are proud to have played a role in helping them secure the funding needed to scale their operations and deliver meaningful savings to households.”
The funding will support Sunsave’s ambitious plans to expand its solar subscription service to tens of thousands of households, while also laying the groundwork for future offerings, including EV chargers, heat pumps, and smart energy software.
