Hanwha Q Cells Co.’s solar financing subsidiary raised $325 million through asset-backed securities, marking its second such deal this year as demand for residential solar installations grows in the US market.
The transaction, led by RBC Capital Markets with Santander and Société Générale as supporting underwriters, brings total ABS issuance by the company’s EnFin unit to $575 million in 2024. The subsidiary previously completed a 350 billion won ($250 million) offering in April.
EnFin, which helps US homeowners finance solar panel and energy storage installations, has built a portfolio of 22,000 contracts valued at $1 billion since beginning operations in January 2023. The unit operates under Qcells, the international brand of the South Korean conglomerate Hanwha Group’s solar division.
The rapid scaling of EnFin’s financing business suggests growing appetite for residential solar despite higher interest rates impacting the broader US housing market. However, the company faces increasing competition from traditional lenders and fintech firms entering the space.
