• Compelling vehicle laden with world-class technology

• Strong global leadership in Munich, San Jose and Shanghai

• An uncertain path to profitability

NIO, a Chinese electric vehicle startup, debuted Wednesday on the New York Stock Exchange.

The first of several hyped "Tesla fighters" planning to go public, NIO originally hoped to raise $3 billion from the offering, but bankers handling the deal reset the target to $1.8 billion. The IPO ended up yielding $1 billion.



There were good reasons for the early optimism. NIO's first product, the ES8, looks, feels and performs almost as well as the head-turning Model X and Jaguar I-Pace. But trade tensions and concerns about when electric cars will be become profitable weighed down market sentiment.

So, does the lower-than-hoped-for IPO price make NIO a good buy? Or was the fledgling firm overambitious from the start?

WHAT'S TO LIKE

EV Demand. Chinese demand for EVs is expected to eclipse 1 million units this year, about half the world's total. That number will go to 5 million by 2025, propelled by government quotas and incentives.

Massive Luxury Market. Chinese consumers will buy twice as many luxury vehicles this year as Americans. Audi, Mercedes and BMW earn close to 40% of their global profits from China.

Performance Specs. The NIO ES8 comes with formidable performance chops. Zero to 60 in 4.4 seconds, just a whisker behind Tesla. The battery range is a respectable 240 miles on a full charge. NIO has also built a network of 3-minute battery swap stations.

Technology. The ES8 also features Nomi, the dash-mounted AI assistant that responds to voice commands. From behind the wheel last month, I said: "Hey, Nomi, open the sunroof 50%." The top window opened halfway and stopped. Impressive.

Price. The ES8 starts at $67,000. That's about half the cost of an imported Tesla Model X (after tariffs).

Backers: Early investors in NIO include Hillhouse Capital, Sequoia Capital and Tencent—powerhouses all. Founder William Li is a self-made billionaire who grew up in a rural town in hardscrabble Anhui province. He knows how to win.


The NIO ES8 SUV at the NIO House in Shanghai.ZOZO GO LLC

QUESTION MARKS

Competitors. NIO is far ahead of where Tesla stood after its first four years. But Tesla enjoyed a grace period of zero competition in the EV arena. German automakers (and other Chinese EV startups) are preparing their own stunning new products for market launches in the coming months.

Scaling Up. Will NIO be able to rapidly increase production and sales? Tesla's painful experience at the Fremont, California, plant no doubt keeps NIO leaders awake at night. Then there is the sales challenge. NIO is going with a direct-to-mobile approach in lieu of dealers, which is unprecedented in the industry.

Allure: NIO is doing many smart and inventive things to build the brand, including its flagship NIO Houses in Shanghai and Beijing. Will they be compelling enough to win over Chinese buyers who love their BMWs, Mercedes and Audis?

WIN, PLACE OR (JUST) SHOW?

Some market commentators have recently been quite critical of NIO, suggesting that the company is heavy on "show" and light on substance. With any startup, there is always a place for healthy skepticism. But NIO has developed a remarkably competitive vehicle, replete with world-class technologies.

What rightly gives pause to investors is the needling question of how soon makers of electric cars can make a profit. Steadily declining battery prices suggest that day is coming sooner rather than later. This makes NIO look a little bit like a buy-low-now and sell-high-later opportunity.

The risks are there for sure. But as Clint Eastwood says: "If you want a guaranteed thing, buy a toaster."

French IPP and solar developer Neoen has filed a registration document with France’s Financial Markets Regulator (AMF) for a listing on the Paris stock exchange.

The company said it hopes to raise €450 million ($527m) through the IPO, a sum that would be used to execute investment plans and reach capacity in operation and under construction, of at least 5 GW by the end of 2021, while maintaining at least 80% of its installed capacity in OECD countries. The French developer currently owns and operates around 2 GW of renewable energy assets, worth more than €2 billion.

“It is with great enthusiasm that we initiate this planned offering, which will enable us to remain an independent player in the market while welcoming new investors to join our long-standing shareholders,” said Neoen CEO Xavier Barbaro. “Impala, Neoen’s majority shareholder, has announced that it will subscribe in the offering and intends to remain Neoen’s majority shareholder,” the company added in its statement.

Neoen, which claims to have been profitable since 2011, registered a turnover of €139m last year, up 71% compared to a year earlier, and in the first six months of this year revenue reached €102m, up 87%.

Neoen added it has off balance sheet assets amounting to more than €5bn in contracted revenues, and the related PPAs are denominated in stable currencies such as euros and Australian and U.S. dollars.

The French company is active in markets including Australia, Jamaica, France, El Salvador, Argentina, and Zambia.

Portugal, Finland, Mexico, Ireland, the USA and Mozambique were also mentioned by Neoen in its filing with the AMF.

The company built Europe’s largest solar plant – the 300 MW Cestas PV facility – and is working with Tesla on a 129 MWh lithium-ion battery in Southern Australia.

There’s been a lot of focus on the impact of Hurricane Florence, from the initial drama on the Carolina coasts to sustained rainfall that has swamped communities that are 100 miles or more inland.

But amid the commentary about how this will affect the S&P 500 SPX, -0.35% and specific sectors, it’s worth examining discussing the broader trend of extreme weather brought on by climate change and considering which stocks and investment themes are best positioned to profit from this.

Here are five ways to do that:

Electric vehicles

One of the largest sources of greenhouse gas emissions is the internal combustion engine.

Though the Trump administration has tried to roll back fuel efficiency standards, it is facing a tough fight from California, which is looking to cut automobile pollution. Moreover, electric vehicles are increasingly becoming the norm elsewhere, such as in Norway, where more than half of new car sales are hybrid or full electric vehicles. Even China has taken steps in this direction, halting production of some 500 of its dirtiest car models earlier this year.

The trend away from traditional engines is clear, though it’s harder to discern who will win the electric vehicle race. Tesla Inc. TSLA, -0.49% certainly has first-mover potential, but recent troubles including a possible criminal probe make it difficult for some investors to have confidence in the dynamic company or its firebrand CEO, Elon Musk. In fact, as I wrote recently, legacy auto maker General MotorsGM, +0.40% is holding its own with its Bolt and Volt EVs, despite the buzz factor behind Tesla.

If you want to pick a single stock, you can bet on the field via a fund like the Global X Autonomous & Electric Vehicles ETF DRIV, -0.86% or the KraneShares Electric Vehicles & Future Mobility ETF KARS, -1.41% Both are very young funds with only modest assets under management, but contain a comprehensive list of stocks that represent the future of automobiles.

Specialty building stocks

In the age of climate change and extreme weather, what goes into a typical home will change. Just consider the LEED standards developed by the U.S. Green Building Council that are now commonly cited in new construction, or increasing calls for residential building codes to reflect a warming climate and extreme weather events.

A play on this trend is Johnson Controls JCI, -1.95% Its Building Technologies & Solutions segment, which includes HVAC systems sold under the York and Hitachi name as well as energy-management consulting, cleared $22.8 billion in sales in fiscal 2017 out of about $30.2 billion in total revenue. Similarly, Ingersoll-RandIR, -1.43% relies heavily on sales of its Trane HVAC products; they contributed $11.2 billion out of $14.2 billion in total revenue for fiscal 2017.

Or look at Owens Corning OC, -3.42% a leader in roofing and insulation products (think its Pink Panther branding). The 2016 acquisition of roof underlayment manufacturer InterWrap further strengthened its already dominant position in this building materials market.

And of course, don’t forget generator mainstay Generac Holdings Inc.GNRC, -0.24% for when the power goes out in the inevitable storm. Shares are up 20% so far this year on projected revenue growth of 13%.

Solar Power

Just as traditional transportation is increasingly a problem in the age of climate change, so are traditional sources of energy.

Yes, there have been challenges for renewable energy sources, such as an aging and inefficient power grid. And yes, short-term volatility is par for the course in solar amid policy uncertainty and often very big swings in pricing. However, the long-term potential of solar providers is the real deal.

As with electric vehicles, picking an individual winner can be challenging. First Solar Inc. FSLR, +0.50% is one of the leaders in the space, with a market capitalization north of $5 billion and a consistently profitable operation. But most investors who have been in this stock know that it can be quite volatile; it may be up almost 80% from its spring 2017 lows, but is actually down almost 30% since Jan. 1.

If you don’t want to play panels directly, a lesser-known small-cap stock, SolarEdge Technologies SEDG, -0.47% is an option. The company makes inverter systems for solar photovoltaic arrays used worldwide, meaning it helps transmit and store that energy for future use. This is a key part of solar’s future, and that makes it an interesting stock to watch.

Of course, it’s just as volatile as First Solar and other companies that deal in the actual solar arrays; SolarEdge’s stock is down about 40% from its May highs, but remains up 60% in the last 12 months.

As with EVs, there’s an ETF that allows you to hedge your bets instead of picking individual names. The Invesco Solar ETF TAN, -0.70% tracks about two dozen solar stocks, including both First Solar and SolarEdge. With over $300 million in assets and a listing that is over 10 years old, it is the leading fund to play long-term trends in solar driven by climate change.

Carbon futures

Of course, why invest in next-generation technology stocks when you can just buy the carbon that is causing global warming? That’s what the iPath Global Carbon ETN GRNTF, +2.74% allows you to do, with an exchange-traded product that invests in ICE-listed carbon futures.

You might think that carbon trading is a quirky environmentalist fantasy. But Europe currently has a robust market for carbon futures thanks to mandatory emissions programs, and this year the benchmark for European carbon hit a 10-year high.

Although U.S. carbon markets have struggled to find a big-picture framework thanks to foot-dragging at the federal level, there is an active market for carbon futures in North America thanks to regional environmental initiatives. Currently, a patchwork of carbon cap-and-trade markets covers much of the Northeast United States, a big part of Canada, and the state of California. That U.S. network is growing; in January, New Jersey’s newly elected governor signed an executive order to return the state to the Regional Greenhouse Gas Initiative of nine other states.

While this ETN trades in the over-the-counter market and can have thin volume, its return of more than 200% year-to-date should make any investor sit up and take notice.

Water Stocks

Water is an increasingly important climate-related issue. From persistent droughts in California to recent water-rights disputes between Florida and Georgia, it is increasingly apparent that providers of clean and reliable water sources are in a growth industry.

There are several ways to play this trend via the stock market. One is Ecolab Inc.ECL, -0.89% a company that focuses on water hygiene and conservation technologies. Not only is this mission attractive to companies and municipalities that want potable water, it’s also connects with environmentalists who want to keep water sources clean and increase efficiency. Revenue is set to grow more than 20% in 2018, and shares are up 18% since Jan. 1.

Another firm to watch includes pump, filter and control manufacturer Xylem Inc.XYL, -1.43% which is up 20% year-to-date on what is expected to be double-digit revenue growth this fiscal year.

There are also water utilities like American Water Works Company AWK, +0.25%a $16 billion water and wastewater-service provider with a 2.0% dividend yield. Its quarterly distributions have surged from 28 cents in January 2014 to 45.5 cents now.

And, of course, there’s also an ETF. The Invesco Water Resources ETFPHO, -0.80% includes all three of these names among its 35 holdings.

Amazon.com Inc and General Motors Co are in talks to invest in Rivian Automotive LLC in a deal that would value the U.S. electric pickup truck manufacturer at between $1 billion and $2 billion, people familiar with the matter told Reuters on Tuesday.

The deal would give Amazon and GM minority stakes in Rivian, the sources said. It would be a major boost for the Plymouth, Michigan-based startup, which aspires to be the first carmaker to the U.S. consumer market with an electric pickup.

If the negotiations conclude successfully, a deal could be announced as early as this month, the sources said, asking not to be identified because the matter is confidential. There is always a chance that deal talks fall through, the sources cautioned.

One stock that might be an intriguing choice for investors right now is Enphase Energy, Inc. ENPH . This is because this security in the Solar space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.

This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in the Solar space as it currently has a Zacks Industry Rank of 15 out of more than 250 industries, suggesting it is well-positioned from this perspective, especially when compared to other segments out there.

Meanwhile, Enphase Energy is actually looking pretty good on its own too. The firm has seen solid earnings estimate revision activity over the past month, suggesting analysts are becoming a bit more bullish on the firm's prospects in both the short and long term.

Enphase Energy, Inc. Price and Consensus

Enphase Energy, Inc. Price and Consensus Enphase Energy, Inc. Quote



In fact, over the past month, current quarter estimates have risen from 4 cents per share to 6 cents per share, while current year estimates have risen from 30 cents per share to 36 cents per share. This has helped ENPH to earn a Zacks Rank #2 (Buy), further underscoring the company's solid position. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

So, if you are looking for a decent pick in a strong industry, consider Enphase Energy. Not only is its industry currently in the top third, but it is seeing solid estimate revisions as of late, suggesting it could be a very interesting choice for investors seeking a name in this great industry segment.

We are pleased to provide an updated research report on Pattern Energy (PEGI), a renewable energy stock that we have been invested in since January 2017. PEGI is seeing higher profitability and increased dividend coverage. The stock currently yields 7.6% and remains a solid buy at the current price. The stock has returned to our investors (members of High Dividend Opportunities) and to our followers well over 30% since our initial recommendation. We remain bullish on this stock and we believe that the price is still attractive for new investors.

PEGI recently closed at $22.60 around a month after reporting solid Q4 and full-year 2018 results. Pattern Energy owns and operates wind energy facilities and is expanding at a measured but steady pace. Recently management has focused on obtaining a number of assets in an increasingly attractive Japanese market. With an annual dividend of $1.688, PEGI yields an attractive 7.6%.

Latest Earnings Report

Pattern Energy reported another good quarterly performance for Q4 2018 in its March 1 announcement. The quarter finished off a strong 2018.

• Proportional gigawatt hours ("GWh") sold of 7,988 GWh, up 2% from 2017 despite the sale of El Arrayán and other assets. Production also increased despite lower wind conditions in Q4.
• Revenue of $483 million, up 18% from 2017.
• Completed 316 megawatts ("MW") of new investments in 2018 with no common equity raised, including the Japanese portfolio, Mont Sainte-Marguerite and Stillwater acquisitions.
• Adjusted EBITDA of $372 million, up 8% from 2017.
• Cash available for distribution ("CAFD") of $167 million, up 14% and exceeding the midpoint of 2018 guidance.
• Despite low wind conditions in Q4, some large assets sales, and new acquisitions being on line for only a short time, CAFD exceeded dividend payments in 2018, which was not the case in 2017. Management expects CAFD to increase with a 10% CAGR over the next two years.

Climate change has been framed as an ethical issue for years now, with mixed success. But now the calls for socially responsible investing to save the planet are increasingly being reinforced by cold economic logic.

Mainstream institutional investors are recognising that climate change is not just a threat to the health of the planet, but also a threat to the wealth of their clients.

The oil industry is on the front lines of rising investor fears about the long-term returns of fossil fuel energy sources. That is partly because of bitter experience. The European utility sector has seen hundreds of billions of euros wiped off its market capitalisation by the roll out of wind and solar power in the past decade.

The reason why wind and solar energy pose such a threat to the energy system established over the past 100 years is simple: they have a short-run marginal cost of zero.

In other words, when the wind blows and the sun shines, the energy itself arrives for free. Nearly all of the costs of wind and solar energy are in the infrastructure required to capture it, and these capital costs have been plummeting over the past five years. The same is not true for oil and gas, so those sectors will eventually have to recognise that the economics of renewables are becoming irresistible.

BNP Paribas Asset Management’s research into the economics of oil and renewables as competing energy sources hammers home the point. We posited that an investor has $100bn and must decide whether to invest it in oil or renewables, knowing that the energy is destined to power cars and other light vehicles.

Our analysis found that for the same capital outlay, wind and solar projects will produce 3 to 4 times more useful energy at the wheels than oil will at $60 a barrel for diesel-powered vehicles.

For petrol cars, the ratio is even less favourable — the renewable investment will produce 6 to 7 times more energy. It is therefore increasingly difficult to argue that oil is the superior fuel from an economic standpoint, let alone when environmental issues are considered.

As electric vehicles proliferate, the long-term break-even oil price required for gasoline to remain competitive as a source of mobility could fall as low as $9 to $10 a barrel.

With nearly 40 per cent of current demand for oil coming from sources susceptible to easy electrification, oil companies should think very carefully about investing in new long-term projects that have break-even costs much above $20 a barrel.

This poses a major strategic problem for the oil industry, which has traditionally made its highest returns from finding and extracting crude. Indeed, the oil industry often points to the “profitability gap” between investing in renewables and investing in upstream oil projects, arguing that for as long as the returns are better in oil they have no incentive to invest in renewables.

But this is to miss the key point: over time the returns in upstream oil projects will inevitably decline as oil is forced to compete with an energy source that produces energy at a much lower cost over the lifetime of a project. The oil industry today enjoys massive scale advantages over wind and solar. But this advantage is now one only of incumbency and time limited.

The simple truth is that the oil industry has never before faced the kind of threat that renewable electricity and EVs pose to its business model. For the first time there is a competing energy source with a short-run marginal cost of zero, that is much cleaner environmentally and will be able to replace up to 40 per cent of global oil demand once it has the necessary scale.

The economics of energy are now on the side of the angels. This should be a flashing red light on the oil industry’s dashboard.

The writer heads sustainability research at BNP Paribas Asset Management

SAN FRANCISCO, July 06, 2020 (GLOBE NEWSWIRE) -- Sunrun (NASDAQ: RUN), a leading provider of residential solar, battery storage and energy services, and Vivint Solar (NYSE: VSLR), a leading full-service residential solar provider in the United States, today announced the companies have entered into a definitive agreement under which Sunrun will acquire Vivint Solar in an all-stock transaction, pursuant to which each share of Vivint Solar common stock will be exchanged for 0.55 shares of Sunrun common stock, representing a combined Enterprise Value of $9.2 billion based on the closing price of Sunrun’s shares on July 6, 2020. Vivint Solar stockholders are expected to own approximately 36% and Sunrun stockholders are expected to own approximately 64% of the fully diluted shares of the combined company. The exchange ratio implies a 10% premium for Vivint Solar shares based on closing prices on July 6, 2020, and a 15% premium to the exchange ratio implied by the three month volume weighted average price of Vivint Solar and Sunrun shares.

“Americans want clean and resilient energy. Vivint Solar adds an important and high-quality sales channel that enables our combined company to reach more households and raise awareness about the benefits of home solar and batteries,” said Lynn Jurich, Sunrun’s Chief Executive Officer and co-founder. "This transaction will increase our scale and grow our energy services network to help replace centralized, polluting power plants and accelerate the transition to a 100% clean energy future. We admire Vivint Solar and its employees, and look forward to working together as we integrate the two companies.”

David Bywater, Chief Executive Officer of Vivint Solar, added, “Vivint Solar and Sunrun have long shared a common goal of bringing clean, affordable, resilient energy to homeowners. Joining forces with Sunrun will allow us to reach a broader set of customers and accelerate the pace of clean energy adoption and grid modernization. We believe this transaction will create value for our customers, our shareholders, and our partners.”

A Shared Mission to Create a Planet Run by the Sun

Sunrun and Vivint Solar share a mission to create a planet run by the sun. Together, we can empower more families to take control of their energy future by increasing customer choice in how they create and consume power.

There is an urgent need to decarbonize our energy system. Extreme weather due to climate change is increasing, putting immense strain on our energy system. Fossil fuel power plants are responsible for more than 30% of all carbon pollution across the country. Sunrun will be a meaningful contributor to a fully renewable and electrified energy system. Our growing fleet of solar homes and batteries will be networked to provide greater benefits to the grid and energy consumers. Generating energy at the point it is used reduces the need for dirty energy being produced far away that is increasingly expensive to transmit. Our customers have already and will continue to help shut down inefficient carbon-producing power plants.

Our combined customer base of nearly 500,000 creates a leading owner of solar assets globally, with over 3 gigawatts of solar assets on the balance sheet. Yet, residential solar has reached only 3% penetration in the United States today and the runway for growth remains massive.

Sunrun has committed to leading the solar industry in diversity and inclusion efforts, career development, and employee benefits. As part of a broader, more diversified company, we will be able to offer employees even more opportunities and solidify our position as the best place to work in the solar industry.

Strategic Rationale

This is a transformational opportunity to generate consumer and shareholder value, realize annual cost synergies and bring cleaner, affordable energy to more homes. It establishes Sunrun as a leading home solar and energy services company across the United States, bringing greater opportunities for consumers to save money on their electric bills and decrease dependence on fossil fuels.

Residential solar has reached only 3% penetration in the United States today and yet surveys show nearly 9 out of 10 people in the United States favor expanding the use of solar power. The acquisition of Vivint Solar adds a complementary direct-to-home sales channel to Sunrun’s platform, increasing our reach and capabilities in a growing market. Our thirteen years of experience has shown that a consultative experience from trusted sales advisors is important to educate customers of the merits of solar energy. Vivint Solar’s highly trained, consultative field sales experts will be an important part of the combined platform and will serve as critical ambassadors for consumers to learn the benefits of solar energy.

Like Sunrun, Vivint Solar has adapted to the current environment, accelerating digital lead generation efforts and providing a contact-less selling and installation experience in most instances. This transition has resulted in improvements for both companies, including setting the foundation for structural cost reductions and improved customer experience.

We expect to deliver meaningful cost synergies, estimated at $90 million on an annual basis. We see opportunities across the entire cost base, including consolidating and optimizing our branch footprint, reducing redundant spending on technology systems, scaling our proprietary racking technology, as well as improving sourcing capabilities within our supply chains. There are also opportunities to realize scale benefits from shared corporate functions including accounting, human resources, legal, and policy.

We expect additional revenue synergies to generate enhanced value creation for our customers and shareholders from a larger base of solar assets. We expect to be able to offer batteries to the combined base of solar customers. A larger footprint of solar and battery assets also increases the value of what we bring to our grid services partnerships and strengthens our ability to deliver considerable value in that business. We expect to benefit from efficiencies in large scale project finance capital raising activities and are excited about the opportunity to build an even stronger and more recognizable consumer brand in residential energy services.

Benefits for Customers

Most energy consumers are currently beholden to a single power company that provides electricity to them based on their household location. As a benefit of this combination, Sunrun’s increased scale, operating efficiency and combined research and development (R&D) efforts will enable the company to even further accelerate the adoption of renewable energy and give households more control over their energy future.

A lower cost structure from greater scale can open more markets and allow lower pricing for customers, accelerating the transition away from polluting fossil fuels. It will also give our customers access to better, more affordable products and services. Lastly, combining R&D resources and focusing efforts will allow us to accelerate the offering of advanced solutions, such as virtual power plants and other energy services programs, to more customers in more markets.

Transaction Details

Under the terms of the definitive transaction agreement, each share of Vivint Solar common stock issued and outstanding immediately prior to the effective time of the merger will be converted automatically into the right to receive 0.55 shares of Sunrun common stock.

The Board of Directors of Sunrun and Vivint Solar have each unanimously voted in favor of the definitive transaction agreement.

The acquisition of Vivint Solar is expected to be completed during the fourth quarter of 2020, subject to approval by Vivint Solar and Sunrun stockholders, regulatory approvals and other customary closing conditions.

Sunrun’s Board of Directors will be expanded by adding 2 directors, one of which is expected to be Vivint Solar’s CEO, David Bywater.

Support Agreements have been obtained from both companies’ largest stockholders, 313 Acquisition LLC (Blackstone affiliate) and Tiger Global, to vote their respective shares in favor of the merger and the share issuance, respectively.

In addition, 313 Acquisition LLC (Blackstone affiliate) has agreed to lock up 50% of shares obtained as a result of the acquisition for 60 days following closing and the remaining 50% for 120 days. Sales are allowed to occur during these periods subject to certain conditions.

Advisors

Credit Suisse Securities (USA) LLC is serving as the exclusive financial advisor to Sunrun and Cooley LLP and Axinn, Veltrop & Harkrider LLP are serving as legal counsel. Morgan Stanley & Co. LLC is serving as the lead financial advisor to Vivint Solar, BofA Securities, Inc. is serving as a financial advisor to Vivint Solar and Simpson Thacher & Bartlett LLP and Wilson Sonsini Goodrich & Rosati are serving as legal counsel.

Management Conference Call Information

Sunrun and Vivint Solar are hosting a joint conference call for analysts, investors and media to discuss the definitive transaction agreement at 8:30 a.m. Eastern time on Tuesday, July 7, 2020. A live audio webcast of the conference call along with supplemental information will be accessible on the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com in addition to Vivint Solar’s website at http://investors.vivintsolar.com. The conference call can also be accessed live over the phone by dialing 877-485-3106 (toll-free) or 201-689-8575 (international). An audio replay will be available following the call on the Sunrun Investor Relations website for approximately one month.