SAN FRANCISCO, Feb. 4, 2014 /PRNewswire/ -- Sunrun and Mainstream Energy Corp. today announced that Sunrun has acquired the residential division of REC Solar, AEE Solar and SnapNrack. The companies represent Mainstream Energy's residential solar sales, design and installation; wholesale distribution; and mounting systems and hardware businesses, respectively. In the commercial market, REC Solar will continue as an independent organization under the legal name REC Solar Commercial Corp. The value of the transaction was not disclosed.
"Sunrun pioneered solar service to remove the most significant barriers to going solar. We continue to innovate our business to further drive down costs, increase quality and broaden our reach to consumers so more homeowners have access to affordable home solar," said Lynn Jurich, Chief Executive Officer of Sunrun. "The residential solar market is growing rapidly and this acquisition marks the next step in our multi-channel growth strategy. REC Solar's residential division, AEE Solar and SnapNrack complement our thriving channel business and further enable us to fulfill the enormous market potential for home solar nationwide."
REC Solar is a national leader in solar electric system design and installation, with more than 11,000 customers across seven states. Since becoming Sunrun's first installation partner in 2007, REC Solar has helped thousands of homeowners elect solar energy with Sunrun's solar service, which allows homeowners to pay a low rate for clean energy and fix their electric costs for 20 years.
"REC Solar is the industry leader in customer satisfaction and high quality construction, while AEE Solar and SnapNrack bring capabilities that allow us to make solar energy affordable for more consumers, provide superior systems and service, and lay the foundation to become a major energy company," Jurich said.
Under the terms of the acquisition, Sunrun will expand its executive leadership team. Lynn Jurich will lead the company as Chief Executive Officer, while co-Founder Ed Fenster will continue in his operating role under the new title of Chairman. Tom Holland assumes the role of President and will guide the company's strategy and execution. Mainstream Energy CEO Paul Winnowski joins Sunrun as Chief Operating Officer and Timothy Ball, Chairman of Mainstream Energy Corp., will join Sunrun's board of directors.
"Mainstream Energy and Sunrun have always been perfectly aligned in focusing on customers, maintaining high quality and driving down costs," said Paul Winnowski, CEO of Mainstream Energy Corp. "Combining our capabilities deepens our relationship and strengthens our shared vision for greater adoption of home solar by more families across the country."
Sunrun pioneered solar service, a way for homeowners to go solar without high upfront costs. Sunrun owns, insures, monitors and maintains the solar panels on a homeowner's roof, while families pay a low rate for clean energy and fix their electric costs for 20 years. Since Sunrun introduced solar service in 2007, it has become the preferred way for consumers to go solar in the nation's top solar markets. Nearly 50,000 homeowners in 11 states have chosen Sunrun, and the Company partners with over 30 leading local solar companies who together employ more than 3,000 workers. Sunrun has attracted enough capital to support the purchase of more than $2 billion in solar systems and has raised $155 million in venture capital from Accel Partners, Sequoia Capital, Foundation Capital, and Madrone Capital Partners. For more information visit: www.sunrun.com.
About REC Solar, Inc. (Residential)
The Residential division of REC Solar, Inc., a subsidiary of Mainstream Energy Corporation, is a national leader in residential solar electric system design and installation with a local presence in all major solar markets in the U.S. By providing innovative products, efficient processes and integrated services, REC Solar's residential solar solutions deliver high-quality systems while lowering the cost of solar power for all. In 17 years of business, REC Solar has installed more than 11,000 homeowner systems nationwide. For more, visit RECSolar.com/residential or call (888) 657-6527.
About AEE Solar
AEE Solar is one of the nation's leading distributors of solar products, with more than 30 years of history, supplying a full suite of products and services to large and small solar PV installers nationwide since 1979. For more information, visit AEEsolar.com or call 800-777-6609.
SnapNrack, a division of Mainstream Energy Corporation, is a leading manufacturer of solar panel racking systems, with more than 250 megawatts (MW) deployed across the U.S. SnapNrack offers a full suite of PV mounting systems for residential and commercial customers, featuring fast and elegant solutions for any roof or ground project. For more, visit SnapNrack.com or call 805-540-6999.