Silicon Valley Bank (SVB) and Investec Bank closed $265 million in credit facilities for Sunrun. Silicon Valley Bank acted as the administrative agent and both Silicon Valley Bank and Investec were coordinating lead arrangers.
“We are pleased to work with SVB and Investec on this important financing for Sunrun,” Tom vonReichbauer, CFO of Sunrun, said. “They have been instrumental partners in helping us achieve our goals of innovation in solar generation, storage and energy services.”
The facilities include a back-leverage, delayed draw term loan and a letter of credit facility. Proceeds will be used to finance approximately 27,000 residential solar and battery storage systems throughout the U.S. with customers under long-term PPA and lease agreements. The transaction was oversubscribed and pricing tightened from initial indication to close.
“As one of Sunrun’s largest banking partners, we are thrilled to have led and closed this important transaction for the company,” Bret Turner, market manager for Silicon Valley Bank’s project finance practice, said.
“Sunrun’s a top-shelf client of Investec and we are pleased to be able support Sunrun’s growth,” Michael Pantelogianis, co-head of power and infrastructure for North America at Investec, said.
