SunRun Receives Additional Tax Equity Commitment

Dec 16 2009 | 11:14am ET

California-based home solar provider SunRun has received an additional commitment of tax equity from a subsidiary of U.S. Bancorp. The company says the funding is part of the financing needed to develop $90 million in residential solar installations in 2010.

The funding is in addition to a first round of project financing provided by U.S. Bancorp in November 2008, one year after SunRun launched the nation’s first residential power purchase agreement (PPA). U.S. Bancorp is the parent of U.S. Bank.

SunRun’s service allows homeowners to pay a one-time system installation fee (which it says can be as low as $1,000), followed by a low, monthly fee to have solar energy at home. SunRun monitors, repairs and insures the installations.

In the two years since their introduction, PPAs have financed more than 2,700 residential solar systems in California.

U.S. Bancorp’s funding follows a Series B round of funding for $18 million led by Accel Partners in July 2009, and a $12 million Series A financing led by Foundation Capital in June 2008.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...