Sunrun Secures Financing for More Than $630 Million in Residential Solar Projects
Committed capital now supports the purchase of more than $2 billion in solar facilities
SAN FRANCISCO--(BUSINESS WIRE)-- Sunrun, the nation’s leading home solar company, today announced it has secured financing to support the purchase and installation of more than $630 million in home solar projects across the United States. The financing includes commitments from previous and new investors, including JPM Capital Corporation (a subsidiary of JPMorgan Chase & Co. (NYSE: JPM)), one of the nation’s leading renewable energy investors.
“Commitments from established investors like J.P. Morgan highlight the strength of Sunrun’s business model and the excitement around residential solar,” said Sunrun co-Founder and co-CEO Edward Fenster. “We have maintained an uninterrupted source of project finance during this time of explosive growth and the expiration of the federal grant program. Our ability to attract project capital has enabled us to give more Americans access to affordable clean power.”
To eliminate the high upfront costs often associated with solar, Sunrun invented solar power service, also known as third-party-owned solar. Sunrun owns, insures, monitors and maintains solar panels on a homeowner's roof. Families pay a low rate for clean energy and fix their electric costs for 20 years.
In addition, Sunrun has announced the expansion of its executive team with the appointment of Jason Cavaliere as Vice President of Project Finance. Jason brings more than 18 years of experience in structured finance and has completed more than $7.5 billion in transactions, including $2.5 billion in renewable energy tax equity investments.
Cavaliere joined Sunrun from Citigroup, where he was instrumental in developing a new lease structure for the residential solar market. He has also held positions with Morgan Stanley and Andersen Consulting.
“Jason’s extensive network and experience in project finance will help our team continue to grow Sunrun’s access to affordable, scalable capital as the business continues to expand,” added Fenster. “Sunrun is now installing more than $2 million in solar every day because more consumers want affordable clean power.”
Sunrun has 35,000 customers across 11 states. Last week, the company launched its solar power service in Connecticut. According to GTM Research, third-party-owned solar has eclipsed system ownership as the preferred option for going solar in some of the nation’s largest residential markets, reinforcing the exponential growth home solar experienced in 2012. To date, Sunrun has attracted enough capital to support the purchase of more than $2 billion in home solar systems nationwide.
Sunrun is the nation’s leading home solar company and invented solar power service, a way for homeowners to go solar without high upfront costs. Sunrun owns, insures, monitors and maintains the solar panels on a homeowner's roof, while families pay a low rate for clean energy and fix their electric costs for 20 years. Since Sunrun introduced solar power service in 2007, it has become the preferred way for consumers to go solar in the nation’s top solar markets. To date, 35,000 homeowners in 11 states have chosen Sunrun, and the Company partners with over 30 leading local solar companies who together employ more than 3,000 workers. Sunrun has attracted enough capital to support the purchase of more than $2 billion in solar systems and has raised $145 million in venture capital from Accel Partners, Sequoia Capital, Foundation Capital, and Madrone Capital Partners. For more information visit: www.sunrunhome.com
Andrew J. Pontti, 415-580-6900 ext. 6529
Corporate Communications Manager
Source: Sunrun, Inc.
Released June 25, 2013