HASI, Sunrun Expand Business With $500-Million Joint Venture

HA Sustainable Infrastructure Capital (HASI), a starring capitalist successful sustainable infrastructure assets, and Sunrun, a supplier of location artillery storage, solar, and home-to-grid powerfulness plants, announced the closing of an innovative associated task to concern distributed vigor assets. The concern announced January 6 is expected to yet concern much than 300 MW of capableness crossed much than 40,000 location powerfulness plants crossed the country. Under the agreement, which closed past month, HASI volition put up to $500 cardinal implicit an 18-month play into a recently formed associated task with Sunrun. HASI’s structured equity concern monetizes a information of the semipermanent lawsuit currency flows from the underlying projects, portion enabling Sunrun to clasp a important semipermanent ownership presumption and greater flexibility successful structuring elder task debt. This operation is expected to present a much businesslike outgo of capital. The concern volition beryllium accounted for arsenic a consolidated entity connected Sunrun’s financials. “Together, HASI and Sunrun are accelerating the improvement of indispensable infrastructure done home-based vigor systems that amended grid reliability and code increasing powerfulness demand,” said Marc Pangburn, HASI’s main gross and strategy officer. “This milestone transaction builds connected our long-standing relationship, which began successful 2018, and reflects Sunrun’s proven way grounds arsenic an proprietor and relation of residential location vigor assets arsenic good arsenic HASI’s spot successful structuring differentiated superior solutions.” “This innovative financing operation with HASI is simply a first-of-a-kind for residential retention and star financing. We admit the collaboration with the HASI squad and continued innovation to unlock further worth for some companies on with our customers crossed the country,” said Danny Abajian, Sunrun’s CFO. “This concern provides for an businesslike superior structure, which we expect volition let aggregate proceeds that are adjacent to oregon amended than Sunrun’s accepted financing arrangements. This operation is accordant with our strategy to utilize assorted structures and a divers acceptable of superior providers to concern our growth.” HASI is an capitalist successful sustainable infrastructure assets focused connected advancing the vigor transition. With much than $15 cardinal successful managed assets, the company's investments are diversified crossed aggregate plus classes, including utility-scale solar, storage, and onshore wind; distributed star and storage; RNG; and vigor efficiency. Sunrun is simply a pioneer of location vigor systems offered done a no-upfront-cost subscription model. Sunrun empowers customers nationwide with greater vigor control, security, and independence. Sunrun supports the grid by providing on-demand dispatchable powerfulness that helps grid resiliency and little vigor costs. —This contented was contributed by the media relations squad astatine HASI.