Sunrun Reports Third Quarter 2016 Financial Results

Revenues of $112 million, 36% Year-Over-Year Growth

Raising deployment guidance for 2016 to 285 MW, 40% Year-Over-Year Growth

SAN FRANCISCO, Nov. 10, 2016 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq:RUN), the largest dedicated residential solar company in the United States, today announced financial results for the third quarter ended September 30, 2016.

Third Quarter 2016 Operating Highlights
  • Total deployments of 80 MW, an increase of 43% year-over-year 
  • Net Present Value created of $76 million, an increase of 53% year-over-year
  • Creation Cost per watt improved by $0.38, or 10% from Q3 2015
  • Cumulative MW deployed of 801 MW

"We are pleased to deliver Q3 results that beat targets on customer installations, net present value and cost improvements, and to raise guidance slightly for the full year," said Lynn Jurich, Sunrun's chief executive officer. "We have achieved these targets by consistently executing our strategy of delivering the industry's most valuable and satisfied customer base, aligning our product offerings with customer demand and taking share in attractive markets. We are proud to partner with our growing base of customers to lead a transition to clean energy that will grow for decades to come."

Key Operating Metrics 

In the third quarter of 2016, total MW deployed increased to 80 MW from 56 MW in the third quarter of 2015, a 43% year-over-year increase.

NPV created in the third quarter of 2016 was $76 million, a 53% increase from $50 million in the third quarter of 2015.  Pre-tax project value per watt was $4.43, compared to $4.70 in the third quarter of 2015. Creation cost per watt was $3.37 in the third quarter of 2016 compared to $3.75 in the third quarter of 2015. NPV per watt created in the third quarter of 2016 was $1.06 compared to $0.95 in the third quarter of 2015.

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