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SAN FRANCISCO, Nov. 20 /PRNewswire/ -- SunRun (http://www.sunrunhome.com),
the nation's first distributed residential solar electricity provider, today
announced it has 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. SunRun also welcomes industry veteran David
Buzby, Chairman of SunEdison, to its Board of Directors. These milestones,
alongside industry recognition as the pioneer of the residential solar service
model, increase SunRun's market lead in democratizing solar.
September marked the one-year anniversary of the availability of SunRun
Solar Service (http://www.sunrunhome.com), the nation's first residential
power purchase agreement (PPA) (http://www.sunrunhome.com/about/index.html).
By providing homeowners a fixed, flat rate for solar electricity, SunRun
became the first company to offer a low-cost, service-oriented alternative to
homeowners investing in their own solar electricity systems. This is the same
method that exponentially grew the commercial solar market.
"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." In June 2008, SunRun raised $12 million
(http://www.sunrunhome.com/news/press2008/press06242008.html) in a financing
round led by Foundation Capital.
The current commitment of financing from U.S. Bancorp enables SunRun to
develop more residential solar energy projects. U.S. Bancorp is the parent
company of U.S. Bank, the 6th largest commercial bank in the United States as
of September 30, 2008, and the only one with an AA credit rating from Standard
& Poor's as of November 18, 2008.
Joining SunRun's Board of Directors 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."
SunRun President and COO Nat Kreamer will be discussing the growing
residential solar market at Solar Innovations & Investment USA
(http://www.sunrunhome.com/news/events.html) in New York, NY on December 2,
2008.
About SunRun
SunRun is the nation's first residential solar electricity provider,
offering the only low-cost, zero-hassle approach to solar. With SunRun Solar
Service, homeowners pay a fixed rate for solar electricity that is lower than
those of power companies and does not increase. SunRun Solar Service includes
free maintenance and monitoring, making solar worry-free and eliminating
future costs. SunRun works to create a more economically and environmentally
sustainable world. SunRun is based in San Francisco. For more info, visit
http://www.sunrunhome.com or call (415) 982-9000.
SOURCE SunRun Solar Service
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