Releasing its trading update for the quarter ending December 31, 2020, the ASX-listed lender saw record loan originations in the quarter. While the growth was mostly led by automotive lending, one of the Plenti Group’s two other specialty areas, its renewable energy loans also grew significantly.
“Renewable energy was up 19% on [Q3 FY20], with a solid recovery in Victorian volumes post easing of lockdown restrictions,” a statement released on Tuesday said.
In December, Plenti also established a new $100 million warehouse funding facility which will afford the company to expand its rooftop solar and storage projects loan offerings. The company says the new faculty will reduce its funding costs and improve the unit economics of the renewable energy loans it funds.
Positioning themselves as a reputable green loan lender, Plenti’s stand in the world of green financiers itself grew last year after the company was able to secure itself as a funding partner for both the New South Wales and South Australian governments. Plenti will work with the NSW on its Empowering Homes Program, which provides zero interest loans of up to $14,000 for households to install rooftop solar and battery storage. The company is also the delivery partner for the South Australian government’s $100 million battery scheme.
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