HA Sustainable Infrastructure Capital (HASI), an investor in sustainable infrastructure assets, and Sunrun, America’s largest provider of home battery storage, solar and home-to-grid power plants, have closed a joint venture focused on financing distributed energy assets.
The partnership is expected to finance more than 300 megawatts of capacity for more than 40,000 home power plants across the United States.
Under the terms of the agreement, HASI will invest up to $500 million throughout an 18-month period into the Sunrun joint venture. HASI’s structured equity investment monetizes a portion of the long-term customer cash flows from the underlying projects while enabling Sunrun to retain a significant long-term ownership position and greater flexibility in structuring senior project debt. This structure is expected to deliver a more efficient cost of capital. The partnership will be accounted for as a consolidated entity on Sunrun’s financials.
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