Hanwha - Enfin closes inaugural $253 million asset-backed securities transaction

Hanwha - Enfin closes inaugural $253 million asset-backed securities transaction

EnFin, a wholly owned subsidiary of Hanwha Qcells, specializes in solar financing

  • By ICN Bureau | June 03, 2024

Hanwha Solutions' Qcells Division (Hanwha Qcells), a global leader in complete clean energy solutions, announced that its residential solar financing platform EnFin by Qcells (EnFin) completed its first asset-backed securities (ABS) transaction, totaling $252.86 million.

The transaction comprises bonds backed by thousands of consumer loans used to finance residential solar installations. RBC Capital Markets acted as the sole structuring adviser and book runner, and Santander served as co-manager in the transaction.

“This deal signals confidence in the Hanwha Qcells brand within the solar financing sector and in the broader capital markets,” said Alex Kaplan, President and CEO, EnFin. “EnFin is the only financing platform in the market backed by a major manufacturer, and we benefit from Hanwha Qcells’ trusted reputation for high-quality equipment and its significant investment to build a sustainable solar supply chain in the U.S. With our seamless point-of-sale technology, extensive installer relationships, and scalable services, EnFin is ready to support homeowners across the country who want to go solar with reliable and attainable financing.”

“It’s exciting to see Hanwha Qcells grow in the residential solar financing space,” said Justin Lee, CEO of Hanwha Qcells. “This first ABS transaction truly reflects investor confidence and showcases EnFin as a unique value proposition. Ultimately, our success in this area will help to accelerate the clean energy transition by making rooftop solar and battery systems more accessible.”

In addition to the recent ABS transaction, EnFin has closed two revolving warehouse transactions totaling $500 million of committed capacity. The first warehouse was closed with RBC in April 2023 and the second with Santander in January 2024, each for $250 million.

EnFin began pilot lending operations in the latter half of 2022 and officially launched in January 2023. Since its launch, EnFin has accumulated approximately 18,000 consumer loan contracts with an aggregate principal balance of more than $800 million. Loans under the EnFin program are made through a partnership with Hatch Bank, whose national lending charter has enabled EnFin to be active in 46 U.S. states and the District of Columbia.

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