Hanwha Q cells’ US subsidiary EnFin raises $321 mn through ABS

Hanwha Q Cells Co., the solar power unit of South Korea’s chemicals-to-defense conglomerate Hanwha Group known as Qcells in overseas markets, said on Friday its US residential solar financing subsidiary EnFin has raised $325 million by selling its asset-backed securities (ABS).

RBC Capital Markets, a global investment bank, served as the lead underwriter for the issuance. Spain’s largest bank, Santander, acted as a joint book-runner, and France’s Société Générale served as a co-manager.

EnFin issued its ABS worth $250 million (350 billion won) in April, and with this second issuance, it has now raised a total of $575 million (805 billion won).

EnFin provides financing solutions to alleviate the financial burden for US homeowners looking to install solar panels or energy storage systems (ESS).

Since its launch in January last year, EnFin has recorded 22,000 cumulative contracts for solar installment financing services through last month, with the total contract value reaching $1 billion.

Write to Hyung-Kyu Kim at khk@hankyung.com