Sunrun bags US$835 million in financing to back portfolio of leases and PPAs

January 6, 2023
Facebook
Twitter
LinkedIn
Reddit
Email
The US residential market has been in growth mode in the last year. Image: Sunrun.

US residential solar and storage supplier Sunrun has closed US$835 million in non-recourse financings, spread across three tranches.

A US$600 million non-recourse syndicated bank facility supporting a 335MW portfolio of leases and power purchase agreements (PPAs) was closed, consisting of a US$575 million amortising loan and a US$25 million debt service reserve letter of credit.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Concurrently, Sunrun closed US$235 million in non-recourse subordinated financing which extended the cumulative advance rate the company obtained.

The US$600 million ‘senior credit facilities’ were over 1.5x oversubscribed between a syndicate of nine lenders. All of the facilities closed on 23 December 2022 and have a final maturity date of 23 December 2029.

Concurrent with closing, the subsidiary borrower entered into long-term amortising fixed-for-floating interest rate swaps, providing a weighted-average fixed base rate of 3.49%, and a total initial swapped senior loan cost of debt of 5.62%.

The ‘senior’ loan and subordinated financing will be delivered in two draws, the first of which closed in December 2022 and the second expected to occur in the first quarter of 2023.

KeyBanc Capital Markets and Silicon Valley Bank acted as coordinating lead arrangers for the senior loan transaction. RBC Capital Markets served as exclusive placement agent for the subordinated financing.

“These financings highlight that Sunrun’s 15-year track record of strong asset performance and deep relationships across multiple capital markets provide stability and predictability, even with escalating interest rates,” said Danny Abajian, Sunrun’s chief financial officer.

In October, Sunrun completed what it said was a “first-of-its-kind” virtual power plant project for residential solar. A month later, the company’s CEO Mary Powell made a public call for action to reduce the ongoing solar import delays into the US.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

Premium
October 17, 2025
According to Ronak Maheshwari of CRC-IB, there has been a struggle for US renewable power projects to secure necessary equity .
October 17, 2025
Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.
October 17, 2025
A group of over 20 US states are suing the Trump administration for the cancellation of the US$7 billion Solar For All Scheme.
October 16, 2025
Masdar and Turkey have entered the final stage of US$1 billion agreement to develop the 1.1GW plant in Bor, Niğde Province, central Turkey.
October 16, 2025
T1 Energy and Nextracker have agreed to use the latter’s steel module frames at the former’s new 5GW module manufacturing facility in Dallas.
October 16, 2025
US utility-scale solar additions grew by 56% in 2024, reaching 30GW from 2023’s 19GW and representing over 54% of all new electricity generation capacity added in the country last year.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK