Sunrun secures $195 million financing from Investec

Share

Momentum behind U.S. solar leasing companies show no sign of abating, with the latest deal seeing Investec provide a $195 million credit facility to Sunrun. The deal sees Investec assemble a syndicate of lenders to provide $171 million of the credit. Investec says the syndicate includes a number of new lenders to the solar leasing space.

"We have established a cost effective financing solution that leverages long-term cash flows to support the long term growth of Sunrun's business," said Mike Pantelogianis, Co-Head of Power at Investec.

Reducing the cost of capital for solar leasing firms is one of the key drivers of the sector. Crowdfunding and securitization are two of the more innovative methods that have been applied. Sunrun claims that the credit facility with Investec is being delivered at a sector-wide low interest rate.

"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.

Investec says the credit facility was “met with strong interest and was oversubscribed.”

On Wednesday, solar lease and loan provider SolarCity announced that it was partnering with J.P. Morgan to create a $350 million fund, to finance its activities.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.