Sunrun to raise US$111 million via securitization

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  Image: Sunrun.

US residential solar company Sunrun has announced it will offer US$111 million worth of notes.

The offering will be made through its wholly-owned subsidiary Sunrun Callisto Issuer 2015-1, LLC and will be secured by the cash flow generated by Sunrun’s portfolio of residential solar energy systems.

Of the notes, US$100 million (Class A) have an interest of 4.4% annually, while US$11 million of the notes will have an interest of 5.38% per annum.

The notes have a scheduled maturity date of 22 July 2024.

This is Sunrun's first issuance into the asset backed securitization market and the transaction is expected to close on 9 July 2015.

SolarCity was the first US installer to arrange a bond securitisation against a portfolio of residential solar assets.