Sunrun Gets $250 Million to Install Residential Solar Systemsby
Investec led Sunrun's largest syndicated bank financing
Five-year deal was structured to facilitate securitizations
Sunrun Inc. obtained $250 million in financing to install residential solar systems, a deal that was structured to help the company eventually securitize its contracts with consumers.
The five-year non-recourse deal was led by Investec Bank Plc. and is Sunrun’s largest syndicated bank financing to date, the San Francisco-based solar developer said in a statement Tuesday. It’s secured by cash flow available to Sunrun after distributions to tax-equity investors.
The senior secured financing has two tranches, one with pricing that starts at 250 basis points over the London interbank offered rate, and the other that starts at 500 basis points over Libor.