With shares up over 31 percent YTD, the board has authorized Sunrun to repurchase shares over the next three years.
Sunrun (NASDAQ:RUN), solar energy company announced a US$50 million stock repurchase program to take place over the next three years. In line with the release of its quarter earnings, where the company reported a 24 percent increase in its customer base, Sunrun will purchase stock in either private deals or on the open market.
As quoted in the press release:
“Millions are suffering through forced blackouts as wildfires burn across California. We need affordable, clean, reliable power now more than ever,” said Lynn Jurich, Sunrun’s Chief Executive Officer and co-founder. “Sunrun has grown its customer base 24% from last year, with more than 270,000 homes embracing local, clean energy. We expect to increase cash generation by 60% to $100 million this year, while investing in our leading customer acquisition capabilities and technology platform.”
Key Operating Metrics
In the third quarter of 2019, Megawatts Deployed increased to 107 MW from 100 MW in the third quarter of 2018, a 7% year-over-year increase.
Creation Cost per watt was $3.28 in the third quarter of 2019, compared to $3.34 in the third quarter of 2018.
NPV created in the third quarter of 2019 was $79 million. Unlevered NPV per watt in the third quarter of 2019 was $0.90.