US distributed energy resource (DER) installer Sunrun has announced a preferred equity investment with energy investment firm Captona.
Announced 10 November, Captona made a preferred equity investment through a project finance partnership with Sunrun.
Captona stated that, through the partnership, it has invested preferred equity at the individual project level in 9,400 residential solar and battery energy storage system (BESS) projects across more than 20 states.
These projects represent 74MW of solar generation and 110MWh of BESS. Captona framed preferred equity investment vehicles as “the latest innovation in project finance structures for renewable infrastructure assets,” enabling efficient tax credit monetisation and senior debt placements.
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Last month, Captona announced a preferred equity partnership with Nexamp, a US community solar provider, to finance 55MW of solar generation and 5MWh of BESS capacity across 10 projects in Illinois, Maine, Massachusetts, and New York.
Earlier this month, Sunrun announced that participation in its virtual power plant (VPP) in Puerto Rico had doubled, reaching more than 60,000 customers.
The VPP can provide 45MW of dispatchable power for up to four hours, helping support the island’s electric grid during periods of strain.
Since April, Sunrun has dispatched the power plant more than 60 times to address energy shortfalls and help prevent rolling blackouts. During an extended spell of unseasonably warm weather this autumn, the company dispatched its fleet of home batteries to the grid for 18 consecutive days, starting on 13 October.
