Sunrun Inc., a San Francisco-based residential solar installer, arranged a financing package worth about $244 million to help install rooftop power systems, according to people familiar with the deal.
Seven lenders contributed to the package, according to the people, who asked not to be identified because they’re not authorized to discuss the matter. A spokesman for Sunrun declined to comment Friday.
The package comprises a term loan to refinance existing project-finance debt, and a letter of credit. Sunrun has favored non-recourse bank debt to spur growth, closing at least $445 million of project-finance loans for residential installations, according to Bloomberg New Energy Finance. These liabilities are tied to specific projects, providing protection for the company’s balance sheet.
The company expects to boost installations by 15 percent this year, outpacing the contracting U.S. residential-solar market.
Source: Bloomberg
