Sunrun secures funds of $630m to invest in solar energy portfolio

US-based solar energy company Sunrun has secured funds to invest in its solar energy portfolio through purchase and installation of more than $630m in home solar projects across the country.

With this financing, the company has increased its capital amount to invest more than $2bn in home solar systems.

Investors that have facilitated the credit include JPM Capital, a subsidiary of jpmorgan chase.

Commenting on the developments, Sunrun co-founder and co-CEO Edward Fenster said the investment commitment from investing giants such as JPM reflects the potential of Sunrun’s business concept.

“We have maintained an uninterrupted source of project finance during this time of explosive growth and the expiration of the federal grant program,” added Fenster.

“Our ability to attract project capital has enabled us to give more Americans access to affordable clean power.”
Sunrun finance senior director Ori Franco was quoted by PV Tech as saying, “When I came to Sunrun five years ago there were a lot of people doubtful that investors would want to invest in a $30,000 system or portfolio of $30,000 systems.

“Sunrun’s residential portfolios are much easier to finance than portfolios of commercial projects or larger scale utility projects. It’s easy to underwrite consumer credit and our portfolio of residential assets is very distributed in terms of technology, geography and installation company.”

Sunrun currently has 35,000 customers across 11 US states and it has also launched its solar power service in Connecticut in the last week.