Sunrun raises USD 835m in financing

• US home solar and also battery provider Sunrun Inc (NASDAQ: RUN) on Thursday claimed it has protected USD 835 million (EUR 788m) in non-recourse financing to back continued growth.

The company has closed a USD-600-million non-recourse syndicated bank center that supports a 335-MW portfolio of leases and power purchase agreements. This consists of a USD-575-million amortising senior loan with a last maturation date of December 23, 2029 as well as a USD-25-million financial debt solution reserve letter of credit.

Sunrun has actually concurrently closed a USD-235-million non-recourse subordinated financing.

Chief financial officer Danny Abajian is pleased with the price of capital. "The Senior Loan priced at a preliminary credit spread out 100 basis points listed below current Solar Loan asset-backed securitisation deals observed in the industry, while providing a cumulative breakthrough rate over our prior support variety of 75%-85%," Abajian stated.

The USD-575-million senior loan was priced at a credit spread of 212.5 basis points to the Daily Simple Secured Overnight Financing Rate (SOFR), with a 12.5 basis factors margin boost on the 4th year. The business also agreed long-term amortising fixed-for-floating rates of interest swaps that offer a weighted-average set base rate of 3.49%, as well as a total first swapped senior loan price of financial obligation of 5.62%.

In its third-quarter results, Sunrun reported networked solar power capacity of 5,392 MW, of which 4,567 MW for customers. Third quarter installments stood at 255.8 MW.