PG&E invests $100M in SunRun (San Francisco)
PG&E Corp. is investing $100 million in SunRun Inc. to fund more than 3,500 residential solar-energy systems in five states.
The investment is funded by PG&E (NYSE: PCG) shareholders through the PG&E subsidiary Pacific Energy Capital.
The companies expect the solar systems to be installed in 2010 and 2011 in California, Arizona, Colorado, Massachusetts and New Jersey.
SunRun has some 4,000 customers in these states and works with 15 solar integrators across the country.
Both companies are based in San Francisco.
Under the terms of the agreement Pacific Energy Capital will provide financing for solar systems and SnRun will sell the power from those systems to customers. SunRun will manage the systems and share the revenue from the power sales with PG&E.
PG&E also invested $60 million in Foster City-based installer SolarCity.
Read more in the San Francisco Business Times.
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