Markets & Policy

Sunrun to raise USD111 million in first residential securitization

U.S. solar lease provider Sunrun has released pricing for its first securitization of residential solar leases. The company plans to raise US$111 million through two note issuances.
Jonathan Gifford
By
Jonathan Gifford

Solar industry analysts have long mooted the securitization of distributed solar leases. Sunrun has delivered today with a US$111 million aggregate securitized solar asset offering.
Sunrun Callisto will be the issuer of the notes, itself a subsidiary of Sunrun.
Two classes of notes will be issued. The first Class A Notes are to be valued at $100 million and will bear an annual interest rate of 4.4%. The second issues worth $11 million will bear the higher interest rate of 5.38%.
Sunrun anticipates the notes to be repaid in full by Jully 22, 2024.
Only “qualified institutional buyers” can purchase the notes, in accordance with SEC regulations.
Today’s announcement comes less than a week after Sunrun took its first steps towards IPO, filing S-1 registration with the SEC.

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Comments

Sunnova uses portfolio to secure $615 million in funding – pv magazine USA
Apr 25, 2017

[…] The first company to back its funding rounds with its assets was SolarCity, which launched the sector’s first transaction in November 2013. Two years later, Sunrun decided to  launch its own securitization transaction. […]

Reply
Sunnova prepares for its first securitization – pv magazine USA
Apr 05, 2017

[…] 2015, it took until the mid-2015 for the second third-party distributed solar provider, Sunrun, to launch a securitization transaction. Additionally, a number of Property Assessed Clean Energy (PACE) providers have also launched […]

Reply
Sunnova prepares for its first securitization – pv magazine USA
Apr 05, 2017

[…] 2015, it took until the mid-2015 for the second thirP-party distributed solar provider, Sunrun, to launch a securitization transaction. Additionally, a number of Property Assessed Clean Energy (PACE) providers have also launched […]

Reply