Sunrun secures $630m for residential rooftops

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San Francisco based third-party solar pioneer Sunrun has announced a successful funding round to purchase and install a further US$630 million worth of home solar systems.

Having expanded its third-party ownership service, which Sunrun claims has 35,000 customers across 11 U.S. states, into Connecticut last week, the company announced a funding round which takes the total capital raised to date to more than $2 billion.

In a press release announcing the funding round, which included JPMorgan Chase & Co. subsidiary JPM Capital Corporation among the investors, Sunrun joint CEO and founder Edward Fenster said the business is now installing $2 million worth of home systems daily.

The third-party ownership model, which Sunrun claims to have invented, sees the company install, own, monitor and maintain rooftop panels whilst offering homeowners low-cost clean energy and the chance to fix their energy costs for 20 years.

Sunrun also announced the arrival of Jason Cavaliere from Citigroup as VP for project finance.

With operations in Arizona, California, Colorado, Hawaii, Massachusetts, Maryland, New Jersey, New York, Pennsylvania and Oregon, Sunrun expanded into Connecticut last week.