HA Sustainable Infrastructure Capital, Inc., a leading investor in sustainable infrastructure assets, and Sunrun Inc., America’s largest provider of home battery storage, solar, and home-to-grid power plants, today announced the closing of an innovative joint venture to finance distributed energy assets. The partnership is expected to ultimately finance over 300 megawatts of capacity across more than 40,000 home power plants across the country.
Under the agreement, which closed in December 2025, HASI will invest up to $500 million over an 18-month period into a newly formed joint venture with Sunrun. HASI’s structured equity investment monetizes a portion of the long-term customer cash flows from the underlying projects while enabling Sunrun to retain a significant long-term ownership position and greater flexibility in structuring senior project debt. This structure is expected to deliver a more efficient cost of capital. The partnership will be accounted for as a consolidated entity on Sunrun’s financials.
“Together, HASI and Sunrun are accelerating the development of essential infrastructure through home-based energy systems that improve grid reliability and address growing power demand,” said Marc Pangburn, HASI’s Chief Revenue and Strategy Officer. “This milestone transaction builds on our long-standing relationship, which began in 2018, and reflects Sunrun’s proven track record as an owner and operator of residential home energy assets as well as HASI’s strength in structuring differentiated capital solutions.”
“This innovative financing structure with HASI is a first-of-a-kind for residential storage and solar financing. We appreciate the collaboration with the HASI team and continued innovation to unlock additional value for both companies along with our customers across the country,” said Danny Abajian, Sunrun’s Chief Financial Officer. “This partnership provides for an efficient capital structure, which we anticipate will allow aggregate proceeds that are equal to or better than Sunrun’s traditional financing arrangements. This structure is consistent with our strategy to utilize various structures and a diverse set of capital providers to finance our growth.”
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