California, United States [RenewableEnergyWorld.com] SunRun, a distributed residential solar electricity provider, announced it has received a tax equity commitment from an affiliate of U.S. Bancorp to purchase up to approximately 2,000 residential solar facilities for a total consideration of US $105 million.
In June 2008, SunRun raised US $12 million in a financing round led by Foundation Capital. The current commitment of financing from U.S. Bancorp enables SunRun to develop more residential solar energy projects. U. S. Bancorp is the parent company of U.S. Bank, the 6th largest commercial bank in the United States, as of September 30, 2008.
September marked the one-year anniversary of the availability of SunRun Solar Service, a residential power purchase agreement (PPA).
“It is deeply satisfying to witness a significant shift in the way homeowners purchase solar electricity using the power purchase agreement model, and this recent funding from a financial stalwart such as U.S. Bancorp confirms our industry’s belief in its longevity and success,” said Edward Fenster, CEO of SunRun.