Sunrun Inc. and HA Sustainable Infrastructure Capital, Inc. announced on January 6, 2026 that they had closed a joint venture that commits $500 million in capital to finance more than 300 megawatts of distributed energy capacity across more than 40,000 homes. The agreement, which was finalized in December 2025, will be accounted for as a consolidated entity on Sunrun’s financial statements.
The partnership is a key component of Sunrun’s “storage‑first” strategy, which prioritizes battery storage alongside solar installations to create home‑to‑grid power plants. By leveraging HASI’s infrastructure‑investment expertise, Sunrun can expand its networked storage capacity and VPP participation without issuing new equity or debt, thereby preserving shareholder value and maintaining a low cost of capital.
The structured equity investment from HASI is designed to monetize a portion of long‑term customer cash flows while allowing Sunrun to retain ownership and flexibility in senior project debt. This arrangement delivers an efficient capital structure that is expected to provide proceeds equal to or better than traditional financing, supporting Sunrun’s goal of becoming the largest home‑to‑grid operator in the United States.
Marc Pangburn, Chief Revenue and Strategy Officer at HASI, said the joint venture “accelerates the development of essential infrastructure through home‑based energy systems that improve grid reliability and address growing power demand.” Danny Abajian, Sunrun’s Chief Financial Officer, added that the “innovative financing structure with HASI is a first‑of‑a‑kind for residential storage and solar financing, providing an efficient capital structure that will allow aggregate proceeds to be equal to or better than Sunrun’s traditional financing arrangements.”
Analysts at Oppenheimer welcomed the deal, citing portfolio‑accretive yields for HASI and additional liquidity and capital optimization for Sunrun. The positive reaction reflects the strategic benefits for both parties: HASI gains a structured investment in a high‑growth renewable asset class, while Sunrun gains the capital needed to scale its storage‑first model and expand grid‑services participation.
The joint venture positions Sunrun to accelerate its VPP expansion, which already aggregates power from over 106,000 customers, and to support the company’s ambition to deliver grid services and storage attachment rates at a scale that rivals traditional utilities. The partnership also provides a scalable model for deploying solar‑plus‑storage systems in new markets, reinforcing Sunrun’s competitive edge in the under‑penetrated residential solar market.
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