Sunrun, the largest dedicated residential solar company in the U.S., and Investec Inc. and Investec Bank plc today announced the close of 5
“This financing significantly reduces Sunrun’s cost of capital, which will help us lower costs for homeowners and also positions the company well for continued growth,” said Jason Cavaliere, VP of Project Finance at Sunrun. “The strength of our project portfolio and operating history, among other factors, allowed us to achieve a lower interest rate and longer tenor than any publicly announced residential solar backleverage facility.”
The non-recourse financing will be issued to Sunrun under a senior/subordinated credit structure. The senior facilities amount to $171 million, while the subordinated facility amounts to $24 million. As sole bookrunner, Investec assembled a syndicate of lenders to provide the senior facilities.
“We are very excited to have closed this financing for Sunrun,” said Mike Pantelogianis, Co-Head of Power at Investec. “We have established a cost effective financing solution that leverages long-term cash flows to support the long term growth of Sunrun’s business.”
Ralph Cho, also Co-Head of Power at Investec added, “Sunrun trusted our distribution capabilities and we were able to deliver a syndicate of lenders, which included several first-time lenders to the U.S. residential solar market. The financing was met with strong interest and was oversubscribed.”