Jun 24 2010
Pacific Energy Capital II, LLC, a PG&E Corporation subsidiary, and SunRun Inc., a home solar financing provider, have announced a tax equity project financing contract valued at $100 million for funding over 3,500 novel home solar installations of SunRun throughout the U.S. Principally funded by the shareholders of PG&E Corporation by means of Pacific Energy Capital, this investment is meant for residential solar financing purposes.
Under this agreement, SunRun will oversee the project while the financing for the energy systems will be done by Pacific Energy Capital and resultantly, both the companies will obtain payments from the customers of SunRun.
By means of solar leases and power purchase agreements (PPA), SunRun provides home solar power with no high initial expenses. By opting for the popular solar plans of SunRun, homeowners need not pay any initial money for installing solar panels, but will have to pay a minimal monthly payment for having solar energy. SunRun helps homeowners in switching their homes to cleaner solar electricity by way of providing money-back performance guarantees, insurance, repairs, monitoring and solar maintenance.
The solar systems that are being funded as per the contract are likely to be installed in a minimum of five U.S. states including New Jersey, Massachusetts, Colorado, California and Arizona during 2010 and 2011. In these five U.S. states, SunRun presently provides service to over 4,000 customers. The company is teaming up with about 15 prominent solar integrators in the U.S. and that together employ over 2,500 solar workers.