Sunrun secures USD-1bn increase of lending facility at lower interest

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

October 12 (Renewables Now) - Sunrun Inc (NASDAQ:RUN) has increased the size of its non-recourse warehouse lending facility by USD 1 billion (EUR 864m), while also lowering the interest, the US home solar company said on Monday.

The facility now amounts to USD 1.8 billion at a spread of 200 basis points (bps) over LIBOR, down by 50 bps.

The upsizing included increased commitments from the six financial institutions in the facility as well as commitments from two new institutions.

The facility, which matures in April 2025, is used to provide temporary financing for solar assets before long-term financings are arranged.

Sunrun recently retired a USD-412-million warehouse facility after a sale of asset-backed securities.

(USD 1 = EUR 0.864)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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