Sunrun closes USD150m equity investment
Sunrun has raised USD150 million in equity financing, the largest private equity raise for a private residential solar company in the US.
A public institutional investor led the round with a USD100 million investment.
Existing and new investors provided the remaining USD50 million.
Sunrun will use the funds to broaden its reach to consumers and continue developing tools and technologies.
"Sunrun is adding 15 customers every working hour through our deliberate approach to sustainable growth that never compromises the customer experience. But, we are still in the first inning of a decades-long industry growth story," says Lynn Jurich, chief executive officer of Sunrun. "With this capital and our leading market position, we are excellently poised to take advantage of the enormous market potential that exists. Sunrun's scalable platform allows us to be nimble, while aggressively pursuing growth with the consumer in mind."
In the first quarter of 2014, Sunrun expanded its service capabilities and offerings to reach more consumers at lower costs. In February, Sunrun acquired from Mainstream Energy Corp the residential division of REC Solar, fulfilment company AEE Solar, and racking hardware manufacturer SnapNrack.
"We are well capitalised for the next phase of our business, which continues to experience impressive growth quarter over quarter," says Edward Fenster, chairman of Sunrun. "Consumers choose Sunrun because we provide the best customer experience, and we'll continue do so long term because of the foundation we've built for a sustainable business."
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