The HASI and Sunrun partnership will finance more than 300 MW of distributed energy assets covering over 40,000 home power plants in the US
HASI plans to invest up to $500 million over 18 months through a structured equity investment in a joint venture with Sunrun
Sunrun says the financing structure will lower its cost of capital while allowing it to retain significant long-term ownership of the assets
Sunrun has roped in HA Sustainable Infrastructure Capital (HASI) to finance more than 300 MW of distributed energy assets in the US, across more than 40,000 home power plants.
Sustainable infrastructure investor HASI will invest up to $500 million over an 18-month period into a new joint venture (JV) with home battery storage, solar, and home-to-grid power plants provider Sunrun.
“Together, HASI and Sunrun are accelerating the development of essential infrastructure through home-based energy systems that improve grid reliability and address growing power demand,” said HASI’s Chief Revenue and Strategy Officer, Marc Pangburn.
While HASI’s structured equity investment will monetize a portion of long-term customer cash flows from underlying projects, Sunrun says it will be able to retain a significant long-term ownership position and greater flexibility in structuring senior project debt. According to Sunrun, this will deliver a more efficient cost of capital, with the partnership figuring as a consolidated entity in its financials.
The closing of this JV follows the premature phasing out of residential clean energy tax credits under Section 25D on December 31, 2025, under the One Big Beautiful Bill Act (OBBBA), which is expected to take its toll on the residential solar segment (see OBBBA Could Cut US Residential Solar Capacity By 46% By 2030).
“This innovative financing structure with HASI is a first-of-a-kind for residential storage and solar financing,” according to Sunrun CFO Danny Abajian. “This partnership provides for an efficient capital structure, which we anticipate will allow aggregate proceeds that are equal to or better than Sunrun’s traditional financing arrangements.”
