[Alpha Biz= Reporter Kim Sangjin] Hanwha Q CELLS' residential solar financing subsidiary, EnFin, announced on the 22nd that it successfully raised approximately $325 million (around 4,500 billion KRW) by issuing asset-backed securities (ABS).
The ABS issuance will significantly bolster EnFin's funding for its future financial business expansion. ABS, which are backed by bonds, can be issued at relatively low interest rates, making it an efficient method of securing funds. This marks EnFin's second ABS issuance, following a previous $250 million ABS issuance in April, bringing its total funds raised to $575 million.
Operating in the U.S., EnFin provides financial solutions that help alleviate the cost burden for customers looking to install solar panels or energy storage systems (ESS) in their homes.
In addition to the ABS, EnFin has diversified its funding options. It has secured a revolving credit facility of $750 million, including $250 million from RBC Capital, $500 million from Santander Bank and Société Générale, ensuring stable business financing.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
