Sunrun Closes $33 Million Loan For Solar Development In Maryland, Massachusetts, & New Jersey
Sunrun, the largest dedicated residential solar company in the US, closed a $33 million loan to facilitate the growth of its solar business in Maryland, Massachusetts, and New Jersey.
Sunrun is not the biggest solar developer in the US, lead instead by companies like SolarCity, SunPower, and Vivint Solar, but Sunrun is the largest residential solar company that only installs residential solar, and it is continuing its growth, announcing earlier this month that it had closed a $33 million non-recourse term loan facility to support the growth of its residential solar development in Maryland, Massachusetts, and New Jersey.
“Sunrun continues to demonstrate that we can access flexible and attractive capital from diverse financial institutions to both enhance upfront cash proceeds and support sustainable growth,” said Bob Komin, Chief Financial Officer of Sunrun. “The Northeast is a thriving pocket of the U.S. solar market and this loan further supports Sunrun’s strong position in the region, which includes our customer origination partnerships with Constellation, NRG, and Ambit Energy.”
Sunrun will use the five year loan to finance a portfolio of solar renewable energy credits, and will serve to decrease the overall system deployment costs, allowing more families access to solar systems with less upfront costs.
Solar financing and investment such as this is becoming increasingly common, with returns on investment all but assured for investors. Investments provide for solar systems to be supplied and installed with no or next-to-no upfront payment from customers. Rather, repayments for the system replace existing electricity bills, and pay back the original investment with interest, making it an increasingly attractive investment.
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