Sunrun announced it has retired it's $250 million recourse lending facility and arranged a larger $425 million facility at enhanced terms and longer tenor than the company's prior term extensions. The new $425 million recourse lending facility matures in January 2025, providing a longer tenor than the company's prior recourse lending facility extension of 2 years. Concurrent with funding and closing, Sunrun repaid the existing $250 million recourse lending facility.

The new recourse lending facility reflects improved terms, including a higher valuation for operating assets (now using a 5% discount rate), in conjunction with an increased advance rate against Sunrun's project backlog. In addition, the new facility expands the borrowing base to support more efficient inventory financing, also at a higher advance rate, while maintaining the same borrowing costs.