- Sunrun says it deployed around 171.6 MW, as per its preliminary financial results for Q4/2020
- Till the end of 2020, its total deployments are expected to have grown to 3,885 MW
- Company will release full financial results for last year around February 25, 2021
Leading US based residential and storage installer Sunrun has released its preliminary financial results for Q4/2020 saying it installed approximately 171.6 MW during the reporting period, counting both Sunrun and Vivint Solar’s deployments which the former acquired in October 2020 (see Sunrun’s Acquisition Of Vivint Solar Complete).
The 171.6 MW reflects a 10% increase from Q3/2020 when Sunrun’s deployments were a total of 109 MW (see Sunrun Q3/2020 Deployments Increased 20% Annually).
All in, during Q4/2020 Sunrun deployed its systems for close to 23,500 customers taking its total customer tally till December 31, 2020 to 550,000. Till the end of 2020, Sunrun deployed a cumulative of 3,885 MW, pro-forma to give effect to its acquisition of Vivint Solar, it added.
Management expects to have completed 2020 with net earning assets of $2,900 million while gross earning assets were valued at $6,923 million. Cash, including restricted cash was $708 million as on December 31, 2020 while its total debt, including recourse debt, non-recourse debt and financing obligations was $5.1 billion. The group paid a total of $60 million to $70 million as transaction costs related to the acquisition of Vivint Solar.
Sunrun plans to release its Q4/2020 financial results around February 25, 2021.
According to Philip Shen of Roth Capital Partners, Sunrun is on the right track as it gets ready to issue 5-year convertible notes due February 2026 at $350 million principal amount with a $50 million green shoe option that purchasers can exercise within first 13 days, bringing the potential raise to $400 million.
“We look for the convertible notes to price at an attractive cost of capital (given the currently favorable dynamics for the convertible debt market). We expect investors to now turn attention to the 2021 growth outlook, which we currently expect to be between 15-20% YoY,” explained Shen.
Recently, Sunrun was selected by Freedom Forever as its primary solar+battery as-a-service provider for next 3 years, a deal that offers Sunrun an expanded sales channel while delivering powerful sales and marketing technology to support Freedom Forever network, the latter said.