Caisse de dépôt et placement du Québec has provided a US$40 million ($50.4 million) loan to Sunrun Inc, a San Francisco-based developer, installer, marketer and operator of residential photovoltaic solar energy systems. The loan formed part of a US$234.5-million senior secured credit facility that is related to a solar energy portfolio originated by the company. The Caisse said the deal marks its entrance into the U.S. residential solar energy sector.
CDPQ supports Sunrun, a leader in the U.S. residential solar industry
MONTRÉAL, NOVEMBER 1, 2017 share
La Caisse de dépôt et placement du Québec (“CDPQ”) announced today a US$40-million (CA$50.4 million) loan related to a portfolio of solar energy systems originated by Sunrun Inc. (“Sunrun”), a U.S. leader in residential solar energy. This transaction is part of the US$234.5-million senior secured credit facility closed by Sunrun on October 20th, 2017.
Founded in 2007, Sunrun designs, develops, installs, sells and maintains residential photovoltaic solar energy systems. With deployed installations of 1,027 MW as of June 30, 2017, the California-based company serves over 135,000 customers in 22 states and Washington, D.C.
“CDPQ is already active in the commercial solar industry in North America and India, so this transaction represents a good opportunity for us to enter the residential sector, which is one of the fastest growing market segments in the U.S. energy industry today. While generating stable returns in the long term, this financing is also aligned with our strategy to increase our low carbon investments 50% by 2020,” said Marc Cormier, Executive Vice-President, Fixed Income at CDPQ.
In October of 2017, CDPQ presented its investment strategy to address climate change, which sets out targets and means for making a constructive contribution, as an investor, to the transition toward a low carbon global economy. To consult our investment strategy to address climate change
Sunrun (Nasdaq: RUN) is the United States largest dedicated residential solar, storage and energy services company with a mission to create a planet run by the sun. Since establishing the solar as a service model in 2007, Sunrun leads the industry in providing clean energy to homeowners with little to no upfront cost and at a savings to traditional electricity. The company designs, installs, finances, insures, monitors and maintains the systems, while families receive predictable pricing for 20 years or more. The company also offers Sunrun BrightBox™ solar power generation with smart inverter technology and home battery storage. For more information, please visit: www.sunrun.com.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2017, it held $286.5 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
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Photo courtesy of Sunrun Inc