Captona backs Sunrun portfolio with 74 MW of solar and 110 MWh of storage
- News Solar + Storage Integration
Marin Holt
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- 6 minutes read
- Solar capacity covered: 74 MW
- Battery storage covered: 110 MWh
- Residential projects: 9,400
- Geographic spread: more than 20 states
- Earlier Nexamp deal solar capacity: 55 MW
Captona has invested preferred equity in Sunrun’s residential solar and battery storage projects across more than 20 states. The partnership covers 9,400 projects representing 74 MW of solar generation and 110 MWh of battery storage, according to Captona’s announcement through Business Wire.
The New York-based investment firm is supporting Sunrun’s project financing needs, according to pv magazine USA. Captona invested at the individual project level, according to the company announcement.
Sunrun has historically relied on traditional debt and tax equity to finance residential installations, pv magazine USA reported. The company has raised capital from multiple sources since its inception in 2007.
Preferred equity gives Sunrun access to capital for a defined term, according to pv magazine USA. In exchange, the investor receives priority for returns over common shareholders.
Captona said preferred equity investment vehicles facilitate tax credit monetization and senior debt placements. Those functions place the investment alongside other parts of renewable project financing.
A residential extension for Captona
Captona introduced its preferred equity structure in 2023, according to its announcement. The firm subsequently expanded the program through investments with renewable energy developers, including Nexamp.
The Nexamp investment supported 55 MW of solar generation and 5 MWh of battery storage across 10 projects in four states. Captona first announced that transaction in Oct. 2026, pv magazine USA reported.
The Sunrun partnership extends that program into residential solar and storage while retaining the underlying investment approach, Captona said.
Captona founder and CEO Izzet Bensusan described the partnership as the next stage in the firm’s development as an energy transition investor. Kirkland & Ellis advised Captona, while Wilson Sonsini Goodrich & Rosati represented Sunrun.
Why It Matters
Sunrun is adding preferred equity to a financing history built around debt and tax equity. The structure supplies capital for a defined term while giving the preferred investor priority over common shareholders, according to pv magazine USA.
For project developers, the relevant financing functions are tax credit monetization and senior debt placement, which Captona identifies as roles for its structure. The Sunrun investment brings that approach to a residential portfolio spread across more than 20 states.
Critical Perspective
Captona has committed preferred equity across 9,400 projects representing 74 MW of solar generation and 110 MWh of battery storage, according to Captona’s announcement through Business Wire. While pv magazine USA reported that Sunrun has historically relied on traditional debt and tax equity, preferred equity gives an outside investor priority for returns over common shareholders for a defined term. Captona stated that its vehicle facilitates tax credit monetization and senior debt placements alongside individual project investments. What specific cost of capital or return hurdles must these residential installations meet before Sunrun common shareholders realize value from the partnership?
