Major US-based residential solar PV installer Sunrun has finalised senior secured credit facilities totalling US$250 million through Investec and Investec Bank to support further residential installations.
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.
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“This financing demonstrates Sunrun’s ability to continue to access flexible and attractive debt capital consistent with our strategy to maximise 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.”
In October 2015 Sunrun said it had reached a total of 100,000 US-located household solar customers and in November last year noted it had booked 94.5MW of future installations in the third quarter, an increase of 115% year-over-year.
