Wednesday, February 5, 2014
REC Solar Shifts To Commercial Market, Sells Consumer Operations
San Luis Obispo-based solar power installer REC Solar said Tuesday that it has shifted its operations to the commercial market, and has sold its consumer operations to Sunrun. Financial terms of the sale were not announced. REC Solar said the move comes because the commercial and residential solar businesses are built on "fundamentally different models" and have different customer bases and sources of capital. Sunrun is venture backed by Accel Partners, Sequoia Capital, Foundation Capital, and Madrone Capital Partners. REC Solar was a division of Mainstream Energy Corp. Sunrun also said it acquired two other solar related businesses from Mainstream Energy--AEE Solar and SnapNrack--as part of the move.
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