SunRun gets $105 mln in financing from US Bancorp
LOS ANGELES (Reuters) - U.S. solar power company SunRun on Thursday said it received $105 million in financing from an affiliate of US Bancorp that will enable it to put solar systems on 2,000 residential rooftops.
Privately held SunRun owns the solar panels it installs on residential roofs and then sells its customers the electricity at a low fixed rate, eliminating the need for homeowners to lay out tens of thousands of dollars for costly solar hardware.
The nearly two-year-old company has already installed systems on more than 300 rooftops in California, and Thursday's funding announcement will enable it to ramp up expansion.
"The reason solar is not on more homes is because it's been expensive and has been a hassle," SunRun President and Chief Operating Officer Nat Kreamer said in an interview. "We're really well positioned with this announcement to bring solar to a much broader audience."
Given that the global financial crisis has choked off funding for many alternative energy start-ups, Kreamer also said the move by U.S. Bancorp was "a great vote of confidence in renewable energy."
Earlier this year, San Francisco-based SunRun raised $12 million from venture capitalists including Foundation Capital.
(Reporting by Nichola Groom; Editing by Gary Hill)
