HASI, Sunrun expand partnership with $500 million joint venture
Climate solution investor HASI and Sunrun have bolstered their long-term partnership with a new $500 million joint venture, set to finance energy assets to the tune of more than 300 MW across the U.S.
The agreement, which includes an 18-month investment from HASI, closed in December 2025.
The new joint venture’s output could help power over 40,000 home power plants across the country, accelerating renewable power development in residential areas around the country. The partnership will enable Sunrun to “retain a significant long-term ownership position and greater flexibility in structuring senior project debt,” company representatives say.
The joint venture’s structure also allows HASI to monetize some long-term customer cash flow from their ongoing projects, according to Marc Pangburn, the company’s chief revenue and strategy officer.
“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,” says Pangburn. “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.”
Maintaining Sunrun’s flexibility
With more than $15 billion in managed assets across the renewable energy sector, HASI says it remains focused on the energy transition. The Sunrun partnership and its unique solar subscription model makes up a large part of that.
Sunrun chief financial officer Danny Abajian called the joint venture “first-of-a-kind” for both residential storage and solar financing. The company pioneered its ‘Sunrun Subscription‘ model for solar and battery leasing, promising convenience and expert installation for customers. The newly-closed joint venture with HASI allows Sunrun to retain that flexibility in structuring project debt.
“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,” says Abajian. “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.”
The new structure of the joint venture is “expected to deliver a more efficient cost of capital,” according to company representatives. With a 25-year equipment guarantee and solar and battery hardware included in the subscription model, the joint venture is expected to further expand Sunrun’s nationwide customer base.
