Sunrun Closes Project Financing for up to $105M in Solar Facilities
Solar Service Pioneer Expands Residential Solar Offering With Tax Equity from U.S. Bancorp and Addition of SunEdison Chairman David Buzby to its Board.
SAN FRANCISCO - November 20, 2008 -
Sunrun, the nation's first distributed residential solar electricity provider, today announced it has received a tax equity commitment from an affiliate of U.S. Bancorp (NYSE: USB) to purchase up to approximately 2,000 residential solar facilities. Sunrun also welcomes industry veteran David Buzby, Chairman of SunEdison, to its board of directors. These milestones, alongside industry recognition as the pioneer of the residential solar service model, increase Sunrun's market lead in democratizing solar.
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 became the first company to offer a low-cost, service-oriented alternative to homeowners investing in their own solar electricity systems. 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. U. S. Bancorp (NYSE: USB) is the parent company of U.S. Bank, the 6th largest commercial bank in the United States as of September 30, 2008, and the only one with an AA credit rating from Standard & Poor's as of November 18, 2008.
Joining Sunrun's Board of Director's is Buzby, Chairman of SunEdison, 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. 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."
Sunrun President and COO Nat Kreamer will also be discussing the growing residential solar market at Solar Innovations & Investment USA in New York, NY on December 2, 2008.
About Sunrun Inc.
Sunrun offers easy affordable solar service to homeowners. Sunrun purchases custom-designed home solar systems for its customers, who pay a low monthly bill to have solar electricity produced on their roof. All Sunrun customers receive money-back annual performance guarantees in addition to professional-grade monitoring, maintenance, repairs, and insurance, which removes the complexity and risk from going solar. Sunrun's goal is to provide every home direct access to clean, affordable electricity. Sunrun currently serves communities in California, Massachusetts, Colorado, and Arizona, and New Jersey.
Additional information about Sunrun is available at http://www.sunrunhome.com.
Media Contacct:
Susan Wise
susanw@sunrunhome.com
415.684.9874
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