US-based residential solar installer Sunrun is planning for an initial public offering (IPO) later in the year.
Timing for the potential IPO and final prices have yet not been decided, reports The Wall Street Journal (WSJ).
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The firm has previously raised capital through equity in 2007. Around $300m was accumulated at the time from investors including Accel Partners, Foundation Capital, Madrone Capital Partners, and Sequoia Capital, the company said.
In 2012, $200m of financial backing was provided for projects by Credit Suisse.
The company was worth $1.3bn in March 2014, reports WSJ. Sunrun has also secured $195m in credit facilities from Investec in January this year.
The firm’s IPO offering follows similar steps taken by other solar energy companies as well. SolarCity and Vivint Solar also went public in 2012 and 2014, respectively.
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By GlobalDataAll three companies have gradually obtained firm footing with residential solar installations in the country.
Such installations in the US have grown by 51% in 2014, and are likely to soar up by another 50% in 2015, according to research firm GTM Research.
New legislations in the US states can, however, ‘impact residential solar’s value proposition’ due to subsidy changes and fluctuating power rates.
At present, Sunrun has more than 60,000 customers, according to its website.
Up until the end of 2014, Vivint had solar-power installations in more than 35,700 households, while SolarCity had nearly 190,000 customers, reportedly.
