U.S. residential solar company Sunrun Inc. has completed a $45 million increase to its corporate working capital facility, reaching a total commitment level of $250 million. Based on the terms of the loan, all $250 million in commitments are currently available to the company. Three unidentified finance institutions participated in the upsizing.
“Sunrun continues to be a leader in raising flexible recourse and non-recourse capital at attractive rates,” says Sunrun Chief Financial Officer Bob Komin. “Our high-quality customer base and operating asset performance, combined with our disciplined approach toward balance sheet management, has created a durable advantage in the financial markets.”
Sunrun says the terms of the facility remain unchanged with an interest rate of LIBOR + 3.25%. Cash flows are advanced from a borrowing base calculated monthly that principally considers take-out financing for backlog projects, as well as other current assets.