January 28 (Renewables Now) - Sunrun Inc (NASDAQ:RUN), a US provider of home solar panels and batteries, said that it has arranged a USD-425-million (EUR 381.2m) recourse lending facility, securing better terms to ensure growth of its business.
The new facility replaced the prior USD-250-million recourse lending facility, which was retired and repaid. The tenor is now longer -- the new facility matures in January 2025 -- and the terms are improved, Sunrun said. Costs of the borrowing remained unchanged.
The upsized facility included commitments from three new and six existing lenders. It also contains an accordion feature, allowing expansion of the facility to accommodate the growth of the business over time, subject to certain conditions and additional capital commitments, the firm added.
(USD 1.0 = EUR 0.898)
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