SunRun Closes Project Financing For Up To $105 Million In Solar Facilities; Bolsters Team With Solar Industry Veteran

November 24, 2008 by Jeff Shepard

SunRun Solar Service announced that it has received an initial tax equity commitment from an affiliate of U.S. Bancorp as part of the financing for up to 2,000 residential solar facilities. SunRun also announced the addition of industry veteran David Buzby, Chairman of SunEdison, to its Board of Directors.

September marked the one-year anniversary of the availability of SunRun Solar Service, the nation’s first residential power purchase agreement (PPA). By providing homeowners a fixed, flat rate for solar electricity, SunRun claims that it became the first company to offer a low-cost, service-oriented alternative to homeowners investing in their own solar electricity systems. It is stated that this is the same method that exponentially grew the commercial solar market.

"It is deeply satisfying to witness a significant shift in the way homeowners purchase solar electricity using the power purchase agreement model, and this recent funding from a financial stalwart such as U.S. Bancorp confirms our industry’s belief in its longevity and success," said Edward Fenster, CEO of SunRun. "David’s deep experience in the solar energy market is helping us build a company that makes solar a possibility for every homeowner in the country."

In June 2008, SunRun raised $12 million in a financing round led by Foundation Capital. The current commitment of financing from U.S. Bancorp enables SunRun to develop more residential solar energy projects.

Joining SunRun’s Board of Directors is Buzby, Chairman of SunEdison, said to be North America’s largest solar energy services provider. SunEdison provides solar-generated energy at or below current utility rates to commercial, municipal and utility customers. SunRun states that Buzby will contribute his industry leadership and work closely with SunRun’s founders to develop similar strategies and enter emerging residential solar markets.

"We built SunEdison from an idea into the global market leader. I see that same potential in SunRun and joined its board to help bring this innovative model into people’s homes across the country," said Buzby. "SunRun takes the worry out of going solar and makes it as easy as flipping the light switch and getting a lower electricity bill in the mail. It’s that simplicity and reliability that is increasing the demand for residential solar."