Qcells residential photo voltaic finance platform EnFin has secured an asset-backed securities transaction valued at $252.86 million.
Qcells, a pacesetter residential photo voltaic panel supplier within the US market, introduced its photo voltaic undertaking financing platform, referred to as EnFin, secured its first asset backed securities (ABS) transaction. The transaction totaled $252.86 million and consisted of bonds backed by 1000’s of shopper loans used to finance residential photo voltaic installations.
RBC Capital Markets acted as sole structuring advisor and bookrunner, and Santander served as co-manager of the transaction.
“EnFin is the one financing platform in the marketplace backed by a serious producer, and we profit from Qcells’ dependable fame for high-quality tools and its important funding to construct a sustainable chain of US photo voltaic provide,” mentioned Alex Kaplan, EnFin. president and chief government officer.
The ABS transaction provides to 2 revolving credit score warehouse transactions totaling $500 million in dedicated capability. The first warehouse was closed by RBC in April 2023 and the second by Santander in January 2024, every for $250 million.
EnFin is an entirely owned subsidiary of Qcells. It started pilot lending operations within the second half of 2022 and was formally launched in January 2023. Since then, it has collected about 18,000 shopper mortgage contracts with an combination principal steadiness of greater than $800 million.
Loans beneath the EnFin program are made via a partnership with Hatch Bank, which extends entry to a nationwide lending constitution that permits EnFin to be lively in 46 states and the District of Columbia.
Qcells’ distinctive funding in a photo voltaic finance platform opens up new alternatives for purchasers. For instance, owners can profit from a 30-year efficiency assure possibility on Qcells modules when financed via the platform.
“Providing aggressive financing for photo voltaic and battery storage methods is a part of Qcells’ long-term technique to turn out to be a one-stop store and provide a full suite of fresh vitality options. vitality available in the market,” mentioned Qcells.
In January 2024, EnFin launched a third-party possession funding possibility, which offers energy buy agreements and lease choices to prospects.
“It’s thrilling to see Qcells develop within the residential photo voltaic financing area,” mentioned Justin Lee, chief government officer, Qcells. “This first ABS transaction actually demonstrates investor confidence and demonstrates EnFin as a novel worth proposition.”
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