Sunrun yesterday announced the closing of $250 million of senior secured credit facilities to support growing its residential solar business.
According to SolarServer, the deal represents Sunrun’s largest syndicated bank financing to date. Financing has been provided by a syndicate of lenders arranged by Investec.
“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, Sunrun chief financial officer. “These low-cost revolving facilities also carry a five-year term, the longest in the industry, providing us maximum flexibility.”
In October 2015, Sunrun reported reaching a total of 100,000 US-located residential solar customers. In November last year the company also added it had booked 94.5 MW of future installations in the third quarter, representing an increase of 115% over the previous year.
“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.
The non-recourse back-leverage financing is secured by the cash flows available to Sunrun after distributions to its tax equity investors, according to the company.
Recently, the company also released a new app for iPhone and Android smart phones and tablets. The California solar installer released mySunrun as a new tool which integrates the power social media, along with analytics to give customers an engaging virtual experience.
Rooftop image via Sunrun