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SunRun closes USD18m equity investment led by Accel

SunRun, a provider of home solar power, has closed a series B round of funding for USD18m led by Accel Partners and joined by existing investor, Foundation Capital.

SunRun, a provider of home solar power, has closed a series B round of funding for USD18m led by Accel Partners and joined by existing investor, Foundation Capital.

SunRun plans to use the funding to meet demand for its residential solar service and expand into new markets.

The company has experienced rapid growth since its founding in early 2007, marked by expansions outside of its initial California market into Massachusetts and Arizona in early 2009, and has achieved 300 per cent growth this calendar year alone.

The funding round follows US Bancorp’s commitment in November 2008 for project financing for up to USD105m in solar facilities and a USD12m series A financing round led by Foundation Capital in June 2008.

Rich Wong from Accel Partners will join SunRun’s Edward Fenster and Lynn Jurich, Charles Moldow from Foundation Capital and David Buzby, also chairman of SunEdison, on the company’s board of directors.

"Getting solar is one of the most important things homeowners can do to make a positive impact on their local environment and monthly expenses," says Edward Fenster, chief executive of SunRun. "Most people don’t have USD30,000 to spend on solar equipment and don’t want to worry about taking care of a USD50,000 asset. SunRun makes solar a reality for people who wouldn’t otherwise have considered it, and we’re finally at the point where it makes financial sense as well as environmental sense for a majority of homes."

Accel Partners is a venture capital and growth equity firm specializing in companies across multiple industries including internet, clean technology, digital media, software and communications.

"SunRun has emerged as the leading residential solar player by removing the largest obstacles to adoption, expanding affordability to the masses and reducing complexity for the consumer," says Wong. "Accel has helped build companies such as Facebook into global leaders, and we see that same potential in SunRun. We’re thrilled to be a part of SunRun’s bright future."

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