The Caisse de dépôt et placement du Québec is committing a $50-million loan to a group of solar energy systems set up by California-based Sunrun Inc.
The loan is part of a $302-million senior secured credit facility closed by Sunrun on Oct. 20, 2017. The U.S. solar energy company handles the entire process from design to sale and installation of residential photovoltaic solar energy systems and boasts “a mission to create a planet run by the sun,” according to a news release. It has 135,000 customers in the United States, with installations totalling 1,027 megawatts as of June 30, 2017.
Read: Caisse loans $150M to Quebec renewable energy company
“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,” said Marc Cormier, executive vice-president of fixed income and active overlay strategies at the Caisse, in the release.
“While generating stable returns in the long term, this financing is also aligned with our strategy to increase our low carbon investments 50 per cent by 2020.”