Business & Finance
Business and Finance
Business and Finance
Wed, October 27, 2010 SunRun Receives New Round of Financing from U.S. Bancorp to Support 1,900 Residential Solar Installations
SAN FRANCISCO--([ BUSINESS WIRE ])--SunRun, the nation's leading home solar company, today announced it received an additional commitment of tax equity from an affiliate of U.S. Bancorp (NYSE: USB) to develop 1,900 residential solar installations. SunRuna™s [ solar power service ] allows homeowners to go solar for as little as $0 down. Growing at a rate of 300% year over year, SunRun now installs more than $1 million in solar systems every day and employs over 75 people. In a move to accommodate its rapid growth, SunRun relocated this month to larger offices in the heart of San Franciscoa™s financial district.
"We look forward to continuing our relationship with the Company."
With this additional financing, SunRun will continue to change the way Americans power their homes by delivering solar as a clean, affordable, renewable service. SunRun owns and maintains each homeownera™s solar system for the life of the agreement, while homeowners simply pay monthly for the power they use. Typically, a customer will save 10-15% on total monthly power bills immediately, and the savings increase over time as utility rates increase.
aWe are the only [ home solar ] company to have enjoyed an uninterrupted source of project financing, and this steady stream of capital speaks directly to our credibility as a reliable and risk-free alternative to the utility,a said SunRun CEO and Co-founder Edward Fenster. aU.S. Bancorp has been a fantastic long-term partner and instrumental in helping SunRun provide affordable and hassle-free solar to thousands of homeowners.a
Since SunRun closed its previous transaction with U.S. Bancorp less than a year ago, the Company completed a project financing fund with PG&E Corporation to support the purchase of approximately 3,500 residential solar facilities, tripled the size of its bank lines, and closed a Series C round of funding for $55 million led by Sequoia Capital. In addition to impressive financial backing, recent SunRun accolades include a 2010 [ Department of Energy Green Power Leadership Award ], as well as inclusion on the Cleantech Groupa™s Global Cleantech 100 list and the GoingGreen Silicon Valley Top 100 List. Next month, Fenster and SunRun President and Co-founder Lynn Jurich will be honored in Palm Springs as recipients of The Ernst and Young Entrepreneur of the Year award. In July, SunRun was featured on ABCa™s Good Morning America as a top national home solar company.
aOver our multi-year relationship with the Company, SunRun has demonstrated its ability to not only grow quickly, but also manage the significant operational complexities of scaling its business,a said Darren Vana™t Hof, Director of Renewable Energy Investments for U.S. Bancorp. aWe look forward to continuing our relationship with the Company.a
About SunRun
SunRun, the nationa™s leading home solar company, is the smart and affordable choice for homeowners who want a clean alternative to their utility. SunRun offers solar power service, similar to a lease, allowing homeowners to upgrade their home to solar for as little as $0 upfront and simply pay monthly for solar electricity. More than 6,000 homeowners have chosen SunRun across Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, and Pennsylvania. SunRun partners with over 25 leading local solar installers, who together employ more than 2,500 green-collar workers. SunRun has raised financing for about $300 million in solar systems with U.S. Bancorp and PG&E Corporation, and $85 million in venture capital from Sequoia Capital, Accel Partners, and Foundation Capital. For more information, please visit: [ www.sunrunhome.com. ]
About U.S. Bancorp
With $291 billion in assets, U.S. Bancorp (NYSE: USB), the parent company of U.S. Bank, is the nationa™s fifth largest commercial bank. The bank operates 3,013 offices in 25 states and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at [ http://www.usbank.com ].
