Hanwha Q CELLS Subsidiary Enpin Successfully Issues 450 Billion KRW Asset-Backed Securities

Specializing in US Residential Solar Financing
Providing One-Stop Solutions from Products to Financial Services

Hanwha Solutions Q CELLS division's residential solar financing subsidiary, Enpin, announced on the 22nd that it successfully raised approximately $325 million, equivalent to about 450 billion KRW, through the issuance of asset-backed securities (ABS).

Hanwha Solutions Q CELLS Division Residential Solar Financing Subsidiary Enpin Corporate Image

The ABS issuance was led by the global investment bank RBC Capital Markets as the lead underwriter, with Spain's largest bank, Banco Santander, as a joint underwriter, and France's major financial institution, Soci?t? G?n?rale, participating as joint managers.

Enpin, operating in the United States, provides financial solutions that reduce the cost burden for customers who want to install solar panels or energy storage systems (ESS) in their homes.

Representative services include solar installment financing, where Enpin pays the installation costs upfront and customers repay in installments over a set period, and the Third Party Ownership (TPO) service, where Enpin installs and operates solar power systems on customers' homes and supplies electricity. Since its launch in January 2023, Enpin has recorded 22,000 cumulative contracts and a total contract amount of $1 billion based on the solar installment financing service.

The TPO program achieved over 10,000 contracts from January to October, receiving strong responses from consumers who want to use renewable energy power at home without the initial investment to purchase the equipment.

A residential view in North Carolina, USA, with Hanwha Q CELLS' residential solar modules installed (Provided by Hanwha Q CELLS)

Following the issuance of $250 million ABS in April, Enpin has raised a total of $575 million. The ABS issued by Enpin are backed by loan receivables generated from the solar installment financing business.

Enpin is diversifying its funding methods. It has established revolving credit facilities totaling $750 million, with $250 million from RBC Capital Markets and $500 million from Banco Santander and Soci?t? G?n?rale, to secure stable business funding.

Hanwha Q CELLS is creating synergy in various energy solution businesses, including finance, based on the manufacturing capabilities of the 'Solar Hub,' the largest solar manufacturing base in North America located in Georgia, USA. The Dalton and Cartersville plants, which make up the Solar Hub, currently produce modules with an annual capacity of 8.4 GW. Upon completion of the Cartersville plant in 2025, Hanwha Q CELLS will become the only company in North America to possess the entire solar core value chain manufacturing facilities, from ingots, wafers, cells, to modules.

Shin Dong-in, head of Hanwha Q CELLS ES (Energy Solutions) division, stated, "Hanwha Q CELLS is establishing itself as the only total energy solution company in the U.S. residential solar market that can provide a one-stop solution from products to financial services. With reasonable and competitive products and services, we will grow into a company worthy of the trust investors have confirmed in the U.S. capital market this time."

This content was produced with the assistance of AI translation services.