Hanwha Q Cells‘ U.S. subsidiary EnFin completes $250 million ABS sale

[Courtesy of Hanwha Q Cells Co.]

EnFin Co., the U.S. residential solar financing subsidiary of Hanwha Q Cells Co., a total energy solution provider under South Korea’s Hanwha Group, has completed the sale of $250 million worth asset-backed securities (ABS).

Hanwha Solutions Corp. announced the completion of the sale on Wednesday. The sale has allowed Hanwha Q Cells to successfully diversify its funding portfolio necessary for its financing business.

EnFin, wholly owned by Hanwha Q Cells, provides financial solutions to consumers wishing to install solar panels on their homes, including installment financing.

Since its launch in January 2023, EnFin sold all ABS based on consumer loans for residential solar installations at the end of last month.

ABS generally offer lower interest rates because they are backed by specific assets, allowing companies to cut financing costs.

“Despite the recent challenging financial environment with high benchmark rates, EnFin’s success in selling all of the ABS indicates that it has established a self-operable financial business structure,” said Hanwha Q Cells Chief Executive Officer Lee Koo-yung.

EnFin has also completed the opening of revolving credit accounts with RBC Capital Markets and Santander Bank for each $250 million, according to Hanwha Q Cells.