PG&E Corporation’s (PCG: 42.28 -0.73 -1.70%) non-utility subsidiary Pacific Energy Capital II LLC announced a $100 million agreement with SunRun Inc., a leading provider of home solar financing, for equity project financing.
As per the agreement, SunRun’s installation of more than 3,500 new homes across the nation will be covered. Under the agreement, PG&E will provide financing for the rooftop energy systems and both parties will receive payments from SunRun customers. SunRun will manage the projects.
The systems funded under the agreement are expected to be installed during 2010 and 2011 in at least five states, including Arizona, California, Colorado, Massachusetts and New Jersey. SunRun currently serves more than 4,000 customers in these five states, and is growing 500% year-over-year. SunRun now partners with 15 leading solar integrators that are located across the country and that collectively employ more than 2,500 solar workers.
San Francisco, California-based Pacific Gas & Electric Corporation is the parent holding company of California’s largest regulated electric and gas utility, Pacific Gas and Electric Company (Pacific Gas).
Pacific Gas serves approximately 5.1 million electricity and 4.3 million natural gas customers in northern and central California. The Utility is engaged in distribution of electricity and natural gas; electricity generation, procurement, and transmission; and natural gas procurement, transportation and storage.
The utility also operates hydroelectric, nuclear and fossil-fueled power plants. As of fiscal-end 2009, Pacific Gas owned a total generating capacity of 6,801MW. The Utility is regulated primarily by the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC).
Pacific Gas Corporation has a solid portfolio of regulated utility assets that offer a stable earnings base and substantial long-term growth potential. The company strives to optimize generation margins by improving cost-structure, performance and reliability of its nuclear as well as fossil units.
