SANTA CLARA, Calif., August 26, 2020 – Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, and Investec Bank plc (“Investec”), have closed $265 million in credit facilities for Sunrun Inc. Silicon Valley Bank acted as the Administrative Agent and both Silicon Valley Bank and Investec were Coordinating Lead Arrangers.
“We are pleased to work with SVB and Investec on this important financing for Sunrun,” said Tom vonReichbauer, CFO of Sunrun. “They have been instrumental partners in helping us achieve our goals of innovation in solar generation, storage and energy services.”
The facilities include a back-leverage, delayed draw term loan and a letter of credit facility. Proceeds will be used to finance approximately 27,000 residential solar and battery storage systems throughout the US with customers under long-term PPA and lease agreements. The transaction was oversubscribed and pricing tightened from initial indication to close.
“As one of Sunrun’s largest banking partners, we are thrilled to have led and closed this important transaction for the company,” said Bret Turner, Market Manager for Silicon Valley Bank’s Project Finance Practice.
“Sunrun’s a top-shelf client of Investec and we are pleased to be able support Sunrun’s growth,” said Michael Pantelogianis, Co-Head of Power and Infrastructure for North America at Investec.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
About Investec Corporate and Investment Banking
Investec CIB is a division of Investec Bank plc, an international corporate and investment bank working with growth-orientated companies, institutions and private equity funds. We provide capital solutions, advice and ideas, along with bespoke investment solutions and access to capital markets. Founded in 1974, The Investec Group has grown successfully through its client focused approach and its ability to serve diverse and evolving financial needs.