PG&E, SunRun Launch $100M Home Solar Finance Fund

Pacific Energy Capital II LLC (a non-utility subsidiary of PG&E Corp.) and SunRun Inc., a provider of home solar financing, have formed a $100 million tax-equity project financing agreement to fund SunRun's installation of more than 3,500 new residential solar installations across the nation.

The investment, which is principally funded by PG&E Corp. shareholders through Pacific Energy Capital, creates the largest residential solar financing vehicle established to date, according to PG&E and SunRun. Under the agreement, Pacific Energy Capital will provide financing for the rooftop energy systems, and both parties will receive payments from SunRun customers. SunRun will manage the projects.

The solar systems funded under the agreement are expected to be installed this year and next year in at least five states, including Arizona, California, Colorado, Massachusetts and New Jersey.

SOURCE: PG&E Corp.

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