Sunrun Raises $5.5B Capital, Hits 71% Storage Attachment Rate
Sunrun raised $2.7B in traditional and hybrid tax equity and $2.8B in non-recourse project debt in 2025, while boosting storage attachment rates by nine points to 71%. It installed thousands of Flex systems each quarter and plans $50–100M in safe harbor investments alongside a $100M debt paydown next year.
1. Robust Capital Markets Access
In 2025, Sunrun secured $2.7 billion in traditional and hybrid tax equity and an additional $2.8 billion in non-recourse project debt, underscoring its strong financing capabilities and diversified funding structure.
2. Product Innovation and Storage Growth
The company’s Flex product reached thousands of installations per quarter, and total storage attachment rates climbed to 71% by year-end, a nine percentage-point increase from 2024.
3. 2026 Cash Generation and Funding Mix
Sunrun projects stable cash generation for 2026, influenced by interest rates, ITC percentages and storage attachment, and plans $50–100 million in safe harbor investments to extend its runway through 2030 while maintaining a mix of retained and non-retained assets.
4. Capital Allocation and Debt Paydown
The firm targets a $100 million paydown of parent debt in 2026 and will explore buybacks or dividends thereafter, once deleveraging goals are met, to maximize shareholder value.