The round was led by an undisclosed public institutional investor (with a $100m investment) with participation from new and existing investors (Foundation Capital, Accel Partners, Seqouia Capital, and Madrone Capital), which provided the remaining $50m.
The company intends to use the funds to broaden its reach to consumers and further develop tools.
Founded in 2007, Sunrun uses a Power Purchase Agreement (PPA) business model that allows homeowners to pay for electricity usage but do not buy solar panels outright, reducing the initial capital outlay required. The company also offers a solar lease program and is responsible for installation, maintenance, monitoring and repairs.
It has raised over $485 million to date.