Sunrun and National Grid, a Leading Global Utility, Form Multifaceted Strategic Partnership
January 10 2017 - 9:00AM
Sunrun Inc. (Nasdaq:RUN), the largest dedicated residential solar
company in the United States, and National Grid PLC (LSE:NG)
(NYSE:NGG), one of the largest international investor-owned
utilities, today announced a multifaceted partnership that
underscores the long-term importance of rooftop solar in the energy
resource mix. The partnership includes a joint marketing agreement,
a collaborative grid services pilot, and a direct investment by
National Grid in Sunrun rooftop solar systems.
“We are excited to partner with National Grid, a utility focused
on truly creating a clean energy future, and to promote the growth
of rooftop solar in the United States,” said Lynn Jurich, Chief
Executive Officer of Sunrun. “This partnership demonstrates
Sunrun’s ability to develop new strategic and financial
relationships with partners to increase consumer access to rooftop
solar while further unlocking value for customers.”
The joint marketing agreement will leverage both companies’
strong brands, with the goal of accelerating the adoption of
rooftop solar in a cost-effective, highly scalable way. The program
initially targets approximately 100,000 single family homes in
National Grid's downstate New York service area.
National Grid will also leverage its experience in complex
energy markets to better understand the transformation occurring in
the sector, and will work with Sunrun to explore options of how
distributed energy resources might be aggregated and used to help
keep the energy grid balanced and optimized. Currently these
services are typically provided by centralized generators.
Sunrun and National Grid will also form a partnership to own
approximately 200 MW of residential solar assets across all of
Sunrun’s markets. National Grid has committed $100 million in
equity to this partnership. The investment highlights the
attractiveness of the residential solar sector and emphasizes the
various sources of capital Sunrun can leverage to support continued
growth, including BrightBoxTM, Sunrun’s solar-plus-storage
solution. The proceeds from National Grid’s investment add
approximately $0.45 to $0.55 per watt in addition to Sunrun’s
typical advance rates from tax equity, back leverage, and other
upfront payments.
John Flynn, SVP of Strategy and Business Development at National
Grid said, “This exciting partnership with Sunrun provides an
opportunity for National Grid to increase our capability in the
distributed energy space, and enhance our ability to meet the
changing energy needs of our customers and communities.”
About Sunrun Sunrun (Nasdaq:RUN) is the largest
dedicated residential solar company in the United States with a
mission to create a planet run by the sun. Since establishing the
solar as a service model in 2007, Sunrun continues to lead the
industry in providing clean energy to homeowners with little to no
upfront cost and at a savings to traditional electricity. The
company designs, installs, finances, insures, monitors and
maintains the solar panels on a homeowner's roof, while families
receive predictable pricing for 20 years or more. For more
information please visit: www.sunrun.com.
About National Grid National Grid (LSE:NG)
(NYSE:NGG) is an electricity and natural gas delivery company that
serves the energy needs of more than 20 million people through its
networks in New York, Massachusetts and Rhode Island. National Grid
also operates the systems that deliver gas and electricity across
Great Britain. National Grid is transforming its electricity and
natural gas networks to support evolving customer needs with
smarter, cleaner, and more resilient energy solutions.
Forward Looking Statement This press release
contains forward-looking statements including, but not limited to,
statements regarding the industry’s growth, Sunrun’s growth,
customer savings and demand for our products and services.
Forward-looking statements should not be read as a guarantee of
future performance or results, and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved, if at all. Forward-looking statements are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward looking statements. You should read the
section entitled "Risk Factors" in Sunrun's most recent quarterly
report on Form 10-Q, which has been filed with the Securities and
Exchange Commission and identifies certain of these and additional
risks and uncertainties. We do not undertake any obligation to
publicly update or revise any forward- looking statement, whether
as a result of new information, future developments or otherwise.
U.S. Equal Employment Opportunity/Affirmative Action Information:
Individuals seeking employment are considered without regards to
race, color, religion, national origin, age, sex, marital status,
ancestry, physical or mental disability, veteran status, or sexual
orientation.
Media Contacts
Sunrun
Trina Smith
Director, Public Relations
Trina.Smith@sunrun.com
425-269-4636
National Grid
Jackie Barry
Jackie.barry@nationalgrid.com
781-907-1754
Sunrun Investor Contact
Investors@sunrun.com
Patrick Jobin
Vice President, Finance & Investor Relations
415-638-4007
Charlotte Coultrap-Bagg
Director, Finance & Investor Relations
415-510-4833
Sunrun (NASDAQ:RUN)
Historical Stock Chart
From Sep 2024 to Oct 2024
Sunrun (NASDAQ:RUN)
Historical Stock Chart
From Oct 2023 to Oct 2024