Sunrun nabs funds for USD 630m of home solar systems

Jun 25, 2013 - US home solar system installer Sunrun Inc said Tuesday it had obtained financing from new and existing investors that would be enough to back over USD 630 million (EUR 480m) of home solar projects.

JPM Capital Corp, a unit of JPMorgan Chase & Co (NYSE:JPM), is among the supporters. The company did not disclose other names.

The solar installer's solar service model, also known as third-party-owned solar, allows homeowners to install solar power at low or no upfront costs. Sunrun finances, owns, insures and maintains solar systems on residential roofs, while homeowners purchase the produced power at a low fixed price for a period of 20 years.

Today Sunrun also said it had appointed Jason Cavaliere as vice president of project finance. He has nearly two decades of experience in structured finance.

Sunrun has bagged enough capital in the past few years to support over USD 2 billion in home solar installations throughout the US, it noted. The company is present in 11 states. On Thursday it said it had introduced its solar power services to the state of Connecticut.

(USD 1 = EUR 0.763)

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