EnFin closes inaugural $253 million ABS transaction

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 of 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.

The platform offers a number of unique value propositions to its customers that leverage its connection with Hanwha Qcells. For instance, qualified homeowners can benefit from a 30-year performance warranty option on select Hanwha Qcells modules financed with EnFin. Additionally, EnFin enables residential customers to create further value from their solar and battery storage installations by connecting them with other Hanwha Qcells incentive programs, through which they can participate in grid services offerings and monetize solar renewable energy credits (SRECs) produced by their systems. 

Providing competitive financing for solar and battery storage systems is part of Hanwha Qcells’ long-term strategy to become a one-stop shop and offer a full suite of clean energy solutions to the market. In pursuit of this goal, in January 2024 EnFin launched a third-party-ownership (TPO) financing offering that provides power purchase agreement (PPA) and lease options to homeowners who want to use solar energy without purchasing a solar or solar + battery storage system.

With the announcement of this transaction, EnFin is proving the sustainability of its business model through its diversified sources of financing and stable, high-quality loan originations.

Hanwha Solutions

Hanwha Solutions aims to deliver sustainable solutions for the planet through smart energy solutions and customer-focused materials. The company operates its business through three divisions: Qcells, Chemical, and Insight. The Qcells Division offers total energy solutions from photovoltaic module manufacturing, power plant operation to electricity retailing service. Long recognized as a prominent leader in the chemicals industry, the Chemical Division is growing into a global green energy materials company with its cutting-edge solutions for eco-friendly materials. The Insight Division is providing differentiated solutions through comprehensive development and fnancing for projects such as cities, smart green industrial complexes, renewable energy, premium real estate and premium content. With its innovative technologies for sustainable growth, Hanwha Solutions strives to become a global leader in bringing a better future for humanity.

For more information, visit: www.hanwhasolutions.com/en/

Hanwha Qcells

Hanwha Qcells (Hanwha Solutions Qcells division) is one of the world’s leading clean energy companies, recognized for its established reputation as a manufacturer of high-performance, high-quality solar cells, and modules, a portfolio of intelligent storage systems, and a growing international pipeline of large-scale renewable energy projects. Hanwha Qcells also provides renewable electricity retail services and packages to end customers the world over. The company is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, China, and South Korea. Hanwha Qcells strives to offer Completely Clean Energy through the full spectrum of photovoltaic products, storage solutions, renewable electricity contracting, and large-scale solar power plants. Through its growing global business network spanning Europe, North America, Asia, South America, Africa, and the Middle East, Hanwha Qcells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental, and residential markets.

For more information, visit: www.qcells.com/us/