Sunrun Inc (NASDAQ:RUN) has obtained senior secured credit facility of USD 244.5 million (EUR 208m), the US residential solar company said in a filing to the US Securities and Exchange Commission (SEC) on Tuesday.
The facility is syndicated with various lenders and matures in October 2024. It includes a USD-234.5-million delayed draw term loan and a USD-10-million debt service reserve letter of credit facility. The interest rate for the term loan is LIBOR plus 275 basis points initially and LIBOR plus 300 basis points after October 31, 2021.
The financing is secured by net cash flows from power purchase agreements (PPA) and leases.
As at the end of the second quarter of 2017, Sunrun has deployed a total of 1,027 MW of residential solar systems. It expects to deploy 325 MW in 2017, which would mark a year-on-year growth of 15%.