Elawan bags Google PPA for 37-MW solar project in Texas
Sep 19, 2024 13:49 CESTUS residential solar and storage provider Sunrun (NASDAQ:RUN) said on Tuesday it has priced a USD-365-million (EUR 328.1m) securitisation of leases and power purchase agreements, expecting to raise more non-recourse funding.
The deal, the company’s third issuance this year, consisted of two classes of publicly placed A+ rated notes and a single class of BB rated notes. The securities are backed by a portfolio of 21,281 residential solar and battery systems across 19 states and Puerto Rico and 73 utility service territories.
Both Class A tranches, namely Class A-1 and Class A-2, were marketed in a public asset backed securitisation. They were priced at USD 75 million and USD 290.4 million and carry a coupon of 5.49% and 5.88%, respectively. The Class A-1 and Class A-2 notes have an expected weighted average life of 4.83 years and 6.99 years and a repayment date on October 30, 2031. The securities will mature on October 30, 2059.
Sunrun expects to raise additional subordinated subsidiary-level non-recourse financing, secured, in part, by the distributions from the retained Class B notes.
The transaction was structured by RBC Capital Markets and is seen to be finalised by September 26.
(USD 1.0 = EUR 0.899)
Elawan bags Google PPA for 37-MW solar project in Texas
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