To finance more rooftop solar projects, Sunrun Inc. is said to be working on securing about $200 million of nonrecourse debt, Bloomberg News reported March 31, citing "people familiar with the deal."
The financing, which the company will secure through the help of ING Groep NV and SunTrust Banks Inc., will have a term of seven years, according to the report. Sunrun Chairman Edward Fenster and representatives from ING and SunTrust reportedly declined to give a comment on the matter.
Sunrun expects to deploy 325 MW of new solar capacity this year, 15% higher from the 282 MW it installed in 2016. The company also said it has received orders for more than 1,000 of its solar-plus-storage product in Hawaii and California.