Sunrun said it increased its non-recourse warehouse lending facility to $1.8 billion in commitments, an increase of $1 billion, while also reducing the interest cost by 50 basis points (bps) to a spread of 200 bps over LIBOR, the benchmark interest rate at which major global banks lend to one another.
The non-recourse lending facility serves as a warehouse to temporarily finance solar assets prior to arranging long term financings, such as asset backed securities. All six financial institutions in the facility expanded their commitments while two new institutions joined the syndicate.
The non-recourse facility has an availability period into April 2024 and maturity in April 2025. In September, Sunrun retired a warehouse facility which was arranged by Vivint Solar in August 2019 for $570 million. It also retired a $412 million warehouse facility following its most recent asset backed security closing.
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