HASI Sustainable Infrastructure Capital, Inc. and Sunrun Inc. announced the closing of a $500 million joint venture on January 6 2026, after the partnership was finalized in December 2025. The deal provides structured equity that will be deployed over an 18‑month period to finance distributed energy projects, including residential solar and battery storage, across more than 40,000 homes and commercial sites.
The venture will deliver up to 300 megawatts of capacity, with capital disbursed in tranches tied to project milestones. The financing model is designed to accelerate deployment by leveraging Sunrun’s extensive installation network and customer base, while giving HASI access to a high‑yield, non‑cyclical asset class that complements its existing programmatic client model.
Strategically, the partnership expands HASI’s programmatic client model by adding a new channel for sourcing and underwriting distributed‑power projects. Sunrun, the nation’s largest provider of home battery storage and solar, gains a stable source of capital that reduces its reliance on traditional debt and allows it to scale its subscription‑based business more efficiently. "This innovative financing structure is a first‑of‑kind for residential storage and solar," said Danny Abajian, Sunrun’s CFO. "It provides an efficient capital structure that will enable us to grow our residential and commercial distributed‑energy portfolio while maintaining flexibility for future projects.”
Financially, the joint venture comes at a time when both companies are reporting strong growth. HASI’s 2024 revenue reached $140.17 million, up 2.29 % from the prior year, and its earnings grew 34.30 % to $198.54 million. Sunrun’s third‑quarter 2025 revenue hit $724.6 million, a 35 % increase YoY, and the company has maintained six consecutive quarters of positive cash flow. The capital infusion is expected to generate recurring investment income and fee revenue for HASI, while providing Sunrun with the resources to accelerate its distributed‑energy expansion.
The joint venture is positioned as a first‑of‑kind financing structure that monetizes customer cash flows through structured equity, allowing Sunrun to retain significant ownership and flexibility in senior project debt. By combining HASI’s expertise in sustainable infrastructure financing with Sunrun’s on‑the‑ground execution, the partnership is expected to deliver a more efficient cost of capital for Sunrun and broaden HASI’s exposure to high‑yield, non‑cyclical infrastructure assets.
While no market reaction data is available, the strategic alignment of the two companies signals a significant shift toward scalable, distributed renewable energy solutions, reinforcing both firms’ long‑term growth trajectories.
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