SUNRUN READIES IPO

Solar-Energy Company Sunrun Preparing for Potential IPO; Sources say timing and final price not yet finalized

Telis Demos and Yuliya Chernova, March 18, 2015 (Wall Street Journal)

“Solar-energy company Sunrun Inc. is powering up for a potential initial public offering later this year…[Sunrun] is set to work with banks including Credit Suisse Group AG and Goldman Sachs Group Inc. on an IPO, though the deal’s timing and final price aren’t yet finalized…Sunrun, founded in 2007, has already privately raised about $300 million in equity [for residential solar] from investors such as Accel Partners, Foundation Capital, Madrone Capital Partners and Sequoia Capital, according to the company. It was valued at $1.3 billion as of March 2014…In January, Sunrun said it raised $195 million in credit facilities from Investec PLC. Credit Suisse also had previously backed the company with $200 million in project financing in 2012…A handful of solar power companies have made a comeback in the public-offering market in recent years after a period of dormancy. Residential solar installers Vivint Solar Inc.,backed by Blackstone Group LP, and SolarCity Corp., backed by inventor Elon Musk, have also gone public…Like Sunrun, these firms own the solar installations and charge homeowners to use the electricity generated. SolarCity shares have soared more than sixfold since its 2012 IPO, though Vivint shares are down 30% from its 2014 IPO. Vivint has a market capitalization $1.3 billion, while SolarCity is valued at $4.8 billion…The firms have tapped into a growing residential solar-power market. The megawatts of residential solar installed grew 51% in 2014 and is expected to grow 50% this year, research firm GTM Research said..” click here for more

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