SunRun Secures $100m for Rooftop Solar Systems

5 May 2011 (Last Updated May 5th, 2011 18:30)

SunRun has secured $200m in financing from US Bancorp to purchase around 5,700 solar-panel generators. The generators will be installed on the rooftops of the homeowners in California, Arizona and six other US states. These systems will then be operated and output will be so

SunRun has secured $200m in financing from US Bancorp to purchase around 5,700 solar-panel generators.

The generators will be installed on the rooftops of the homeowners in California, Arizona and six other US states.

These systems will then be operated and output will be sold to the owners under long-term contracts.

SunRun has secured the finance in form of 'tax equity', in which US Bancorp will take over a project's renewable-energy tax credits, along with $100m financing package SunRun obtained last year from a unit of PG&E.

US Bancorp director of renewable energy investments Darren Van't Hof told Dow Jones that it's critical for US Bancorp to have an existing portfolio of proven renewable energy investments as they expand their financing in the space, and SunRun is a core part of that base.