San Francisco-based Sunrun said that Mary Powell, a Sunrun director and former president and CEO of Green Mountain Power, will become the company’s next CEO, effective August 31. She succeeds Sunrun co-founder Lynn Jurich, who will become executive co-chair of the Board.
Edward Fenster, also a co-founder, will continue as executive co-chair and maintain his existing responsibilities.
Under Powell’s leadership, GMP moved from a traditional grid model to one that uses microgrids, renewable generation, and energy storage to provide energy services to around 75% of residential and commercial customers in Vermont. She joined Sunrun’s Board in 2018, and is credited with helping to develop the company’s strategic plan.
In a separate statement on its second quarter earnings, Sunrun said it now expects to accelerate its full-year growth rate to 30%, up from prior guidance of 25% to 30%.
Total revenue for the second quarter, which ended June 30, was $401.2 million. That was up $219.9 million, or 121%, from the second quarter of 2020. Customer agreements and incentives revenue was $219.5 million, up $113.4 million, or 107%, compared to the second quarter of 2020. Solar energy systems and product sales revenue was $181.7 million, an increase of $106.5 million, or 142%, compared to the same quarter a year earlier.
Total cost of revenue was $328.9 million, an increase of 124% year-over-year. Total operating expenses were $542.9 million, an increase of 105% year-over-year.
Included in operating costs for the second quarter were $12.4 million of non-recurring expenses, including $9.1 million in expenses related to litigation along with $3.4 million in restructuring costs related to the acquisition of Vivint Solar. Operating costs also included stock-based compensation expenses of $43.5 million.
The company said it installed 185.6 MW of solar capacity in the second quarter. Solar energy capacity installed for subscribers was 157.1 MW. Sunrun added 26,110 customers during the quarter, including 21,894 subscriber additions. The growth represented a 19% increase year over year. As of June 30, the company had 599,743 customers, including 520,891 subscribers.
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