A view of a residential property in North Carolina, USA, featuring Hanwha Q CELLS’ solar modules for home use. (Hanwha Q CELLS)

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Hanwha Q CELLS under South Korea’s Hanwha Solutions, announced Friday that its U.S. residential solar financing subsidiary, EnFin, raised $325 million by issuing asset-backed securities (ABS). The funding is aimed at expanding its operations in the United States.

ABS are securities backed by assets such as bonds or real estate and are considered an efficient financing method due to their relatively low interest rates. The issuance was led by RBC Capital Markets, with Spain’s largest bank, Santander, acting as co-lead manager and France’s Société Générale serving as co-administrator.

This marks EnFin’s second successful ABS issuance. The company previously raised $250 million through ABS in April, bringing its total funding via this method to $575 million.

EnFin specializes in providing financial solutions to alleviate the cost burden for U.S. homeowners installing solar panels or energy storage systems (ESS). Since its launch in January 2023, the company has recorded 22,000 contracts for solar installment financing, totaling $1 billion in agreements as of October 2024.

In addition to ABS, EnFin has diversified its funding sources. It secured a $750 million revolving credit facility, including $250 million from RBC Capital and $500 million from Santander and Société Générale.