Captona backs 9,400 Sunrun home solar-and-battery projects in preferred equity deal
What's the deal? Captona has made a preferred equity investment in 9,400 of Sunrun's residential solar and battery storage projects across more than 20 states. The project-level financing covers 74 MW of solar generation and 110 MWh of battery storage. Financial terms were not disclosed.
Why now? The timing matters for Sunrun, which says 2025 tax-law changes ended the homeowner-claimed residential clean-energy credit in 2026 and shortened the window for some solar project credits. That raises the stakes on financing and tax-credit structures.
What's the endgame? Preferred equity structures help renewable developers monetise tax credits and place senior debt efficiently. "Our partnership with Sunrun marks the next chapter in Captona's evolution as a premier investment partner in the energy transition," said founder and chief executive officer Izzet Bensusan.
Context: The deal follows Captona's October preferred-equity investment with Nexamp, which backed 55 MW of solar and 5 MWh of storage. Captona introduced the structure in 2023; the Sunrun transaction extends it from community solar into residential assets.
Worth noting: This is project finance, not a company-level funding round. Sunrun — America's largest provider of home battery storage, solar, and home-to-grid power — recently reported $301 million in net cash from operating activities in the third quarter and a record 75% storage attachment rate.
The signal: As federal support for residential solar narrows, tailored capital structures are becoming central to how the sector funds growth. Captona's move into residential assets shows how project-level financing is filling the gap left by shrinking homeowner credits.
Read more: businessnewsthisweek.com
Image credit: Aberdeen Proving Ground
