- Category: Finance
24 May 2012
- Published on Thursday, 24 May 2012 11:07
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Residential solar power installer Sunrun announced it raised $60 million in equity financing as it moves to scale up its solar installation business.
The San Francisco-based company allows homeowners to go solar without high upfront costs. It owns, insures, monitors and maintains the solar panels on a homeowner's roof, while families pay for the electricity and fix their electric costs for 20 years.
The company said it will use the fund to develop software and service expertise as it continues to drive down the cost of solar and simplify the installation process for customers.
“This additional equity investment emphasizes the current success and long-term potential of the solar service business model,” said Warren Hogarth of Sequoia Capital Partner. “The downstream solar market is thriving right now, and Sunrun and its partners are leading that growth.”
The funding round was led by Madrone Capital Partners and joined by existing investors Accel Partners, Sequoia Capital and Foundation Capital. This round brings the company’s total equity investment to $145 million.
Since the company started its business in 2007, they have reportedly installed over $1.5 million in solar equipment for more than 20,000 customers in 10 states.
In April, the company created a renewable energy tax equity fund with U.S. Bancorp to support the purchase and installation of more than $150 million in residential solar systems. – EcoSeed Staff