SunRun Announces Financing and Welcomes Solar Industry Veteran David Buzby to Our Board of Directors
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We at SunRun are very happy to announce that we have received an initial tax equity commitment from an affiliate of U.S. Bancorp (NYSE: USB) as part of the financing for up to 2,000 residential solar facilities.
We’re pleased that we can continue to provide homeowners a fixed, flat rate for solar electricity, We were the first company to offer a low-cost, service-oriented alternative to homeowners investing in their own solar electricity systems.
We also welcome industry veteran David Buzby, Chairman of SunEdison, to our board of directors.
“It is deeply satisfying to witness a significant shift in the way homeowners purchase solar electricity using the power purchase agreement model, and this recent funding from a financial stalwart such as U.S. Bancorp confirms our industry’s belief in its longevity and success,” said Edward Fenster, CEO of SunRun. “David’s deep experience in the solar energy market is helping us build a company that makes solar a possibility for every homeowner in the country.”
This financing from U.S. Bancorp, the sixth largest commercial bank in the United States and the only one with an AA credit rating from Standard & Poor’s, enables us to develop more residential solar energy projects.
Joining SunRun’s Board of Director’s is Buzby, Chairman of SunEdison, North America’s largest solar energy services provider. SunEdison provides solar-generated energy at or below current utility rates to commercial, municipal and utility customers. Buzby will contribute his industry leadership and work closely with SunRun’s founders to develop similar strategies and enter emerging residential solar markets.
“We built SunEdison from an idea into the global market leader. I see that same potential in SunRun and joined its board to help bring this innovative model into people’s homes across the country,” said Buzby. “SunRun takes the worry out of going solar and makes it as easy as flipping the light switch and getting a lower electricity bill in the mail. It’s that simplicity and reliability that is increasing the demand for residential solar.”
