SUNRUN Business Summary

Sunrun Inc. (RUN) is the leading residential solar, battery storage, and energy services provider in the U.S., primarily generating revenue through a "solar-as-a-service" subscription model. This model utilizes long-term leases and Power Purchase Agreements (PPAs) to create high-visibility, recurring revenue streams, with subscription-based additions representing approximately 94% of new customer contracts. The company operates through two main segments: Customer Agreements and Incentives, which manages its vast portfolio of residential assets and renewable energy credits, and Solar Energy Systems and Product Sales, which focuses on direct equipment sales. By early 2026, Sunrun has solidified its market dominance by shifting to a "storage-first" strategy, achieving storage attachment rates of 70% and expanding its Distributed Power Plant (DPP) network to over 100,000 customers to provide grid-stabilizing services. Sunrun maintains the largest market share in the residential sector, positioned ahead of its primary competitors Tesla (Energy), Sunnova Energy International, and Freedom Forever. The company was co-founded by Edward Fenster and Lynn Jurich, who both remain active as Co-Executive Chairs of the Board. Leadership is led by CEO Mary Powell, the former President and CEO of Green Mountain Power, whose utility-sector expertise has been instrumental in Sunrun’s evolution into a decentralized energy provider. The executive suite includes CFO Danny Abajian, who has overseen the company's complex project finance structures since 2022, and CTO Rachit Srivastava, an AI and machine learning specialist appointed in December 2024 to optimize the company’s virtual power plant operations. Sunrun’s board features notable industry figures such as Craig Cornelius, CEO of Clearway Energy, and Lead Independent Director Alan Ferber. The firm is backed by significant institutional capital, with major ownership stakes held by Tiger Global Management, BlackRock, and The Vanguard Group.