Sunrun has announced the closure of a $250 million round of credit facilities from Investec and Investec Bank.
Sunrun, the single largest dedicated residential solar company in the US, announced the closure of financing Tuesday, which will be used to facilitate the growth of Sunrun’s residential solar business. According to the press release, “Sunrun will use the funds to help more Americans install clean, affordable solar systems on their homes and reduce their electricity bills.”
This round of financing is also the largest syndicated bank financing for Sunrun to date, with the financing being provided by a syndicate of lenders organized by Investec, a global Specialist Bank and Asset Manager.
“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.
While Sunrun has a relatively small share of the US residential solar installer market, with only 2.6%, it is nevertheless the largest dedicated residential solar company in the US, and recently soared past 100,000 customers.