Sunrun Supports Puerto Rico with Dependable Solar Energy
Clean energy provider, Sunrun (Nasdaq: RUN), has announced that it has enrolled nearly 1,800 customers in its PowerOn Puerto Rico virtual power plant. Sunrun, which has a market cap of $2.42 billion, saw its stock rise 8.74% in intraday trading on Thursday following the news.
Sunrun has partnered with Puerto Rico’s electric utility provider, LUMA, to help avoid blackouts and reduce the population’s dependence on fossil fuel powered generators and peaker power plants. The company has been supplying dependable energy from solar-plus-storage systems to Puerto Rico’s energy grid since last fall. Sunrun customers are compensated for their participation.
“Sunrun customers’ batteries create a power plant that helps keep the lights on for all Puerto Ricans without polluting or requiring land and years of costly construction,” said Chris Rauscher, Sunrun’s Head of Grid Services. “Sunrun has a proven track record of successfully operating virtual power plants across the country that have repeatedly shown that residential solar-plus-storage is a dependable resource that can be quickly aggregated to meet increasing energy demands and keep utility costs down for all ratepayers.”
Sunrun is the largest participant in Puerto Rico’s Battery Emergency Demand Response Program and has installed more than 2,000 batteries. The company earns fees for providing on-demand energy during energy shortfalls.
About Sunrun
Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com
