Sunrun Inc Stock Price, News & Analysis

Sunrun (RUN) has announced an expansion of its non-recourse warehouse lending facility to $1.8 billion, up from $800 million. This move is designed to support the company's growth while reducing financing costs by 50 basis points to 200 basis points over LIBOR. The financing facility will be available until April 2024, maturing in April 2025. Sunrun aims to enhance its capital structure and improve financial returns by investing in solar and battery systems, benefiting homeowners with affordable energy solutions. The announcement follows the retirement of older facilities totaling $982 million.

Sunrun (Nasdaq: RUN) announced a successful securitization of leases and power purchase agreements, achieving record low costs of capital and over 100% advance rates on Gross Earning Assets. The Class A notes, totaling $447.1 million, were priced at a 2.28% yield, with a significant improvement in spreads. Sunrun raised additional subordinated financing, enhancing cash flow despite high capital expenditures. The company reported GEA and CGEA metrics reflecting strong cash flow expectations, indicating ongoing growth and stability in the solar market.

Sunrun (Nasdaq: RUN) announced the successful pricing of a securitization of leases and power purchase agreements, achieving record low spreads against benchmark rates and a 2.28% yield on Class A notes. The transaction includes $447.1 million in Class A notes, representing a 75% advance rate based on discounted asset balance, with a weighted average life of 6.3 years. The diverse portfolio consists of 34,068 solar systems across 23 states. This marks the first securitization with a 5% discount rate, enhancing capital efficiency. The transaction is set to close on September 29, 2021.

Sunrun has launched PowerU, a fully-funded employee education program aimed at training a skilled workforce for the clean energy industry. This initiative addresses the projected need for over 900,000 skilled workers by 2035. PowerU includes partnerships with Guild Education and offers over 150 flexible educational opportunities, including a unique electrician apprenticeship program. Starting from day one of employment, all full-time and part-time employees can access support, promoting diversity and career advancement in one of the fastest-growing industries.

Sunrun (NASDAQ: RUN) announced that Mary Powell will become its new Chief Executive Officer, effective August 31, 2021, succeeding co-founder Lynn Jurich, who will transition to Executive Co-Chair. Powell, a recognized leader in the energy sector, previously served as CEO of Green Mountain Power, where she drove significant operational and customer satisfaction improvements. The transition aims to leverage Powell's expertise to further Sunrun's growth and innovation in residential solar and energy solutions.

Sunrun (RUN) reported strong Q2 2021 results, adding 26,110 customers, reaching a total of 599,743, with a 19% YoY growth post-Vivint Solar acquisition. Annual Recurring Revenue stands at $747 million, with an average contract life of 17 years. The company raised its full-year growth guidance to 30%, up from 25-30%. Q2 revenue surged 121% year-over-year to $401.2 million. However, net loss was $41.2 million, or $0.20 per share. Sunrun is well-positioned for future growth, focusing on solar capacity and innovative services like virtual power plants.

Sunrun (Nasdaq: RUN) announced its second quarter 2021 earnings report will be released on August 5, 2021, after market closure. A conference call to discuss the results is scheduled for 2:00 p.m. Pacific Time, available via the Sunrun Investor Relations website or by phone. The company, a leader in home solar energy and battery storage solutions, aims to enhance accessibility to clean energy through its innovative service plans. More details can be found on their official website.