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Solar Developer Sunrun Raises $60 Million

By Cassandra Sweet Of DOW JONES NEWSWIRES SAN FRANCISCO -(Dow Jones)- U.S. rooftop solar-power developer Sunrun Inc. said Wednesday it has raised $60 million in venture capital funding. Madrone Capital Partners led the funding round, which included Accel Partners, Sequoia Capital and Foundation Capital. It comes on top of $85 million in earlier venture capital investment in Sunrun. The financing will help the San Francisco company expand its residential rooftop solar-panel development business. Sunrun buys and maintains solar-panel systems that installers place on homeowners' rooftops, and handles the long-term contracts that homeowners sign to buy the electricity from the system. The contracts are generally priced lower than what customers pay their utilities. Sunrun, which has more than 20,000 customers, handles the net-metering agreements with utilities and arranges the financing for the solar-panel systems. Developing and owning solar-panel systems have become far more profitable than making the equipment. Such investments can bring attractive returns, thanks to federal and state subsidies, such as tax credits and payments from utilities, while solar-panel prices have plunged over the last two years, cutting development costs. "Madrone has high confidence in Sunrun, its management team, and its plan for scaling the processes and technologies needed to take affordable solar mainstream," Madrone General Partner Jamie McJunkin said in a statement. Sunrun bundles the solar-panel systems and sells them to investors, such as U.S. Bancorp (USB). A unit of the bank established a $150 million fund last month to invest in between 3,500 and 4,000 solar-panel systems developed by Sunrun, in the sixth such deal between the bank and the solar firm. Rooftop solar projects have an advantage over large solar farms because they compete against retail electricity prices that utilities charge their customers. Those prices tend to be much higher than wholesale power prices that utilities pay for electricity from solar farms and other power plants. -By Cassandra Sweet, Dow Jones Newswires; 415-439-6468; [email protected]

Stock News for Us Bancorp (USB)
DateTimeHeadline
01/18/201707:54:00U.S. Bancorp Profit, Revenue Rise on Loans
01/18/201706:54:25Current Report Filing (8-k)
01/18/201706:45:00U.S. Bancorp Reports Fourth Quarter and Full Year 2016 Earnings
01/17/201716:30:06Statement of Changes in Beneficial Ownership (4)
01/17/201716:27:55Statement of Changes in Beneficial Ownership (4)
01/17/201716:24:50Statement of Changes in Beneficial Ownership (4)
01/17/201716:21:23Statement of Changes in Beneficial Ownership (4)
01/17/201716:16:39Statement of Changes in Beneficial Ownership (4)
01/17/201716:16:12Current Report Filing (8-k)
01/17/201712:45:00Andy Cecere to Succeed Richard Davis as U.S. Bancorp Chief Executive...
01/03/201716:10:54Statement of Changes in Beneficial Ownership (4)
12/21/201613:14:00U.S. Bancorp Provides Schedule for First and Second Quarter 2017...
12/20/201609:27:00U.S. Bank Announces Redemption of Senior Notes
12/20/201609:05:00U.S. Bank Names Beth McDonnell Chief Marketing Officer
12/19/201611:00:00U.S. Bancorp Announces Quarterly Dividends
12/19/201609:00:00U.S. Bank Names Sayantan Chakraborty Head of Product Management...
12/14/201616:11:33Statement of Changes in Beneficial Ownership (4)
12/14/201615:15:00U.S. Bank Raises Prime Lending Rate to 3.75 Percent from 3.50...
12/13/201616:27:57Initial Statement of Beneficial Ownership (3)
12/12/201611:00:00U.S. Bank Names Gunjan Kedia Vice Chairman of Wealth Management...

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