Sunrun Securitizes Solar Leases, PPAs

Sunrun, a provider of residential solar, storage and energy services, has closed the securitization of leases and power purchase agreements, known as Sunrun’s solar-as-a-service offering, and raised additional subordinated non-recourse financing.

“We are pleased with Sunrun’s record-setting transaction, placing the largest ever residential solar securitization for the industry and subsequently raising additional non-recourse financings,” says Danny Abajian, Sunrun’s CFO.

“Sunrun’s execution demonstrates our non-recourse, asset level financing strategy provides attractive capital to fuel growth, with strong advance rates, allowing unit-level cash generation over time without increasing leverage at the parent level.”

Similar to prior transactions, Sunrun raised an additional subordinated subsidiary-level non-recourse financing totaling $253 million after the securitization transaction closed, which increased the cumulative advance rate obtained by Sunrun.

Deutsche Bank Securities was the sole structuring agent and served as joint bookrunner along with Atlas SP Securities, BofA Securities and MUFG Securities Americas. Citigroup Global Markets, Credit Agricole Securities, ING Financial Markets, J.P. Morgan Securities, SG Americas Securities, TD Securities and Truist Securities served as co-managers for the securitization.

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