Friday, January 9, 2015

Sunrun Raises $195M In Financing For Residential Solar Projects

San Francisco-based Sunrun has tapped into $195M in new funds for its residential solar business, through a deal with Investec Inc. and Investec Bank plcs, the company said Thursday. The new credit facility will go towards funding U.S. residential solar projects, according to the companies. Sunrun said the funding deal is its first syndicated financing, and will "significantly reduce" its cost of capital. Sunrun--like many other solar installers--uses funding from external investors to pay upfront costs on solar systems, with those investors receiving monthly payments from homeowners for their energy needs via soalr leases and power purchase agreements (PPAs).