US solar power installer SunRun closes $18m in venture funding from Accel Partners and Foundation Capital

28 July 2009

US solar power installer SunRun has closed a Series B round of funding for $18m led by Accel Partners and joined by existing investor, Foundation Capital. SunRun plans to use the funding to meet demand for its residential solar service and expand into new markets, it said.

The funding round follows U.S. Bancorp’s commitment in November 2008 for project financing for up to $105m in solar facilities and a $12m Series A financing round led by Foundation Capital in June 2008.

SunRun is a home solar company that provides an alternative to purchasing a solar system outright or renting solar equipment.

Following the deal, Rich Wong from Accel Partners will join SunRun’s Edward Fenster and Lynn Jurich, Charles Moldow from Foundation Capital and David Buzby, also chairman of SunEdison, on the company’s board of directors.

‘Getting solar is one of the most important things homeowners can do to make a positive impact on their local environment and monthly expenses,’ said Fenster.

‘Most people don’t have $30,000 to spend on solar equipment and don’t want to worry about taking care of a $50,000 asset. SunRun makes solar a reality for people who wouldn’t otherwise have considered it, and we’re finally at the point where it makes financial sense as well as environmental sense for a majority of homes.’

‘SunRun has emerged as the leading residential solar player by removing the largest obstacles to adoption, expanding affordability to the masses and reducing complexity for the consumer,’ added Wong. ‘Accel has helped build companies such as Facebook into global leaders, and we see that same potential in SunRun. We’re thrilled to be a part of SunRun’s bright future.’

Accel Partners is a venture capital and growth equity firm specialising in companies across industries including internet, cleantech, digital media, software and communications.

Copyright © 2009 NewNet

Tags: private equity, solar, venture capital

This story was published on Tuesday, July 28th, 2009 at 5:26 pm and is filed under North America, deals, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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