Sunrun upsizes loan facility to US$ 425m to show higher evaluation
- Leading US solar installer Sunrun has actually upsized its loan facility to US$ 425 million from US$ 250 million at "boosted terms and longer tenor", to mirror the firm's higher evaluation as well as strong performance.
The US$ 425 million loan facility develops in January 2025, suggesting a longer maturation than the business's previous facility expansion of 2 years, with an "accordion function" in place that might permit development of the facility to accommodate the growth of the business gradually.
In its Q3 causes November last year, Sunrun saw installs smash via the 200MW obstacle as it released an analyst expectation-beating 219MW.
Sunrun has additionally seen organization boom considering that getting rival Vivint Solar in June 2020, with the combined entity prolonging its lead over competing United States household installers Tesla, Sunnova and also SunPower.
Retaining the same expenses while broadening its possession base, the brand-new loan terms reflect a higher evaluation of the business's running properties, which are currently using a 5% discount price, together with a boosted development price against Sunrun's project backlog.
" We delight in to boost the size of our option financing facility, to sustain our ongoing growth while additionally boosting terms to mirror the stamina of our possession base as well as underlying company," said Tom vonReichbauer, CFO of Sunrun.
" Our continued solid implementation in the funding markets permits us to be well-positioned to capitalise on growth chances and to supply worth to our clients and also financial companions."
"On top of that, the new facility increases the loaning base to sustain a lot more reliable inventory financing, also at a greater development rate, while preserving the same loaning prices," stated Sunrun.
Initial dedications to the US$ 425 million facility come from three brand-new as well as six existing loan providers, Sunrun said. Additional information on the facility can be found in the company's filings with the SEC on Form 8-K.
