Published on June 25th, 2013 | by Zachary Shahan9
Sunrun Lands $630 Million For More Home Solar Installations
Today, SolarCity is probably the most well known solar leasing company. However, Sunrun is certainly in the running for that title, and it has a couple of big claims to its name in the solar leasing arena. For one, it says that it invented the 3rd-party-owned solar model; and, secondly, it lays claim to being “the nation’s leading home solar company.”
News today is that Sunrun’s set to grow even further, as it has just landed another $630 million in financing. One of the investors is the rather well known J.P. Morgan, which is investing in residential solar for the first time through Sunrun. Additionally, Sunrun has just appointed Jason Cavaliere (previously of Citigroup) as VP of Project Finance. Below is the full announcement from Sunrun.
SAN FRANCISCO – June 25, 2013 – 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.