Tax Equity Advisors Announces Successful Closing of $150 Million Financing In Sunrun Portfolio
Tax Equity Advisors (TEA), a boutique financial advisory firm that helps large corporations make investments in clean power projects, has closed $150 million in financing on behalf of a major U.S. corporation, for a portfolio of residential rooftops managed by Sunrun (NASDAQ:RUN), the largest dedicated residential solar company in the United States.
The financing will support a total investment of over $300 million – enough to build approximately 9,500 residential projects in 14 states. The new tax equity financing, one of the largest closed in 2016, also introduces a new tax equity investor into the sector.
“TEA serves as the outsourced project finance, underwriting, and portfolio management team for companies interested in the financial and environmental benefits of clean energy, but for whom tax equity is not core to their business,” said Jonathan Silver, Managing Director of Tax Equity Advisors. “Our client, a Fortune 500 company, was looking to generate attractive returns and support the increased use of rooftop solar energy through this investment.”
Bob Komin, Chief Financial Officer of Sunrun, said “We were pleased to partner with Tax Equity Advisors on this transaction and support their work in bringing new tax equity investors into the solar market. We look forward to working on future projects together.”