Business
Sunrun Reports Third Quarter 2020 Financial Results
326,000 Customers, an increase of 20% year-over-year109 Megawatts Deployed, a 40% sequential increaseNet Earning Assets of $1.7 billion, an increase of 15%
About this update from Sunrun Inc.
[{"type":"text","content":"326,000 Customers, an increase of 20% year-over-year109 Megawatts Deployed, a 40% sequential increaseNet Earning Assets of $1.7 billion, an increase of 15% year-over-yearClosed the acquisition of Vivint Solar in the Fourth Quarter, on October 8, 2020\n SAN FRANCISCO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading provider of residential solar, storage and energy services, today announced financial results for the third quarter ended September 30, 2020. “We are at the early stages of significant innovation in electrifying our buildings and transportation,” said Lynn Jurich, Sunrun’s Chief Executive Officer and co-founder. “Sunrun aims to be the consumer brand synonymous with powering your home with renewable energy. We’ve taken significant steps to support this vision. We completed the acquisition of Vivint Solar to create a combined customer base of over 500,000 and today announced the launch of Brightbox in all of our markets. In the third quarter we grew battery installations more than 45% versus last year and we continue to lead the development of virtual power plants, including an additional contract with Southern California Edison, to improve the efficiency and resiliency of our antiquated energy system.” “The Sunrun team delivered another strong quarter, increasing volumes 40% sequentially and 2% year-over year, rebounding net customer margins, and continuing to build a strong balance sheet,” said Tom vonReichbauer, Sunrun’s Chief Financial Officer. “We expect to see continued growth into the fourth quarter at improving net customer margins, and expect to accelerate growth in 2021 with an improved cost structure and higher net customer margins.” Growth & Market Leadership On October 8, 2020, Sunrun announced that it had completed its acquisition of Vivint Solar, following approval by regulators and stockholders of both companies. The transaction solidified Sunrun’s position as the leader in home solar and energy services across the United States and a top owner of solar assets globally with more than three gigawatts of solar energy and more than 500,000 customers. Sunrun estimates cost synergies of $90 million on an annual basis, to be realized 12 to 18 months following the acquisition.Today, Sunrun announced that it is bringing its rechargeable solar battery system, Brightbox, to all of the c...