Sunrun Inc. and Investec Inc. and Investec Bank plc (together 'Investec') announced the closing of $250 million of senior secured credit facilities to support the growth of Sunrun's residential solar business. Sunrun will use the funds to help more Americans install clean, affordable solar systems on their homes and reduce their electricity bills. This is Sunrun's large syndicated bank financing to date, with financing provided by a syndicate of lenders arranged by Investec.

This non-recourse back-leverage financing is secured by the cash flows available to Sunrun after distributions to its tax equity investors. The financing is comprised of two tranches: a senior aggregation facility with an advance rate of 65% and an initial interest rate of L+250; and a subordinated tranche with a cumulative advance rate of 75% and an initial interest rate of L+500 bps. All facilities mature in December 2020.