Sunrun drums up another $150m
Sunrun, the third-party owner of distributed PV assets in the US, has raised $150m in new equity financing, as money continues to pour into the booming US residential solar space.
Privately held Sunrun, which is often tipped to be plotting an IPO, offered few details about the transaction, other than saying that $100m came from “a leading public institutional investor”, with the remainder coming from both new and existing investors.
The fresh money comes three months after Sunrun acquired REC Solar, a leading US rooftop PV installer, pivoting the company from being a specialist solar financier and operator into more vertically integrated rooftop PV player – putting it more directly in competition with SolarCity, the dominant company in the space.
Investors continue to pile in to the fast-growing residential solar market, including energy heavy-hitters like E.ON, which recently took an equity stake in Sungevity, and NRG Energy, which recently acquired Roof Diagnostics Solar.
SolarCity, meanwhile, has broken new ground for the sector through two successful securitizations of distributed PV assets.