Sunrun Closes $250 Million in Financing for US Residential Solar Projects

Pubblicato su 22 gen 2016
SunRun 
Sunrun Inc., Investec Inc. and Investec Bank plc (together 'Investec') today announced the closing of $250 million of senior secured credit facilities to support the growth of Sunrun's residential solar business. Sunrun will use the funds to help more Americans install clean, affordable solar systems on their homes and reduce their electricity bills.

"This financing demonstrates Sunrun's ability to continue to access flexible and attractive debt capital consistent with our strategy to maximize debt proceeds and help us lower costs for homeowners," said Bob Komin, chief financial officer of Sunrun. "These low-cost revolving facilities also carry a five-year term, the longest in the industry, providing us maximum flexibility."

"We are very excited to have closed our second syndicated financing for Sunrun over the past year and have enjoyed the strategic partnership with them and look forward to supporting the residential solar sector," said Mike Pantelogianis, co-head of power at Investec's Power & Infrastructure group in New York.

"This most recent transaction shows that the bank market can provide both non-recourse aggregation and term facilities on cost-effective terms that support Sunrun's long-term growth," added Ralph Cho, co-head of Investec's Power & Infrastructure group in New York.

This non-recourse back-leverage financing is secured by the cash flows available to Sunrun after distributions to its tax equity investors. The financing is comprised of two tranches: (1) a senior aggregation facility with an advance rate of 65 percent and an initial interest rate of L+250; and (2) a subordinated tranche with a cumulative advance rate of 75 percent and an initial interest rate of L+500 bps. All facilities mature in December 2020.


source: Sunrun
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SunRun (Installatori di Pannelli Solari): https://it.enfsolar.com/sunrun
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