EnFin Closes Inaugural $253 Million ABS Transaction

EnFin by Qcells, Qcells’ residential solar financing platform, has completed its first asset-backed securities (ABS) transaction, totaling $252.8 million. 

The transaction comprises bonds backed by consumer loans used to finance residential solar installations.

RBC Capital Markets acted as the sole structuring advisor and bookrunner, and Santander served as co-manager in the transaction.

“This deal signals confidence in the Qcells brand within the solar financing sector and in the broader capital markets,” says Alex Kaplan, EnFin’s president and CEO. 

“EnFin is the only financing platform in the market backed by a major manufacturer, and we benefit from 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.”

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, each for $250 million.