On December 23, 2022, Sunrun closed a $600 million non-recourse syndicated bank facility, including a $575 million amortizing loan and a $25 million debt service reserve letter of credit supporting a 335 MW portfolio of leases and power purchase agreements distributed across various states and utility service territories, with KeyBanc Capital Markets and Silicon Valley Bank acting as coordinating lead arrangers. The facility was oversubscribed among a syndicate of nine lenders and is the largest senior tranche for a term financing since Sunrun’s inception.

In addition, on December 23, 2022, Sunrun closed on a related $235 million non-recourse subordinated financing, which included a bifurcated commitment feature.

Wilson Sonsini Goodrich & Rosati advised Sunrun on all core and ancillary structuring, financing, tax equity-related, commercial, and tax issues, and drafted transaction documents related to the above transactions. The team included Ira Palgon, Elina Coss, Edward Kayukov, Ben Hoch, Nicole Gambino, Claire Christensen, and Chelsea Mitchell.

For more information, please see the press release.