Sunrun Inc. J.P. Morgan Natural Resources Conference Takeaways

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Sunrun Inc. J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

Sunrun Inc. Overweight

RUN, RUN US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$12.81

We hosted Sunrun’s (RUN) CEO for a fireside chat at the J.P. Morgan Natural

Resources Conference. The session was highlighted by this morning's landmark

partnership announcement (link) with Renew Home and Tesla (TSLA), with the

CEO providing incremental color on the strategic rationale, monetization Clean Energy, Power Infrastructure,

potential, and near-term catalysts. Beyond the partnership, the CEO struck a and Sustainable Investing

confident tone on the demand environment, the ongoing direct channel ramp, and AC Mark Strouse, CFA

an approaching capital allocation inflection as RUN closes in on its leverage (1-212) 622-8244

targets. Full takeaways below. mark.w.strouse@jpmorgan.com

Michael G Fairbanks

• Landmark partnership announcement with Renew Home and TSLA. (1-212) 622-4908

RUN, Renew Home, and Tesla (TSLA; covered by JPM Autos & Auto Parts michael.fairbanks@jpmchase.com

analyst Rajat Gupta) announced an agreement to deliver more than 16 GW of Anna Zhu

flexible, distributed capacity to hyperscalers and utilities, forming what would (1-212) 622-0012

be the largest distributed power plant in the country. Each party had been anna.zhu@jpmorgan.com

pursuing hyperscaler conversations independently, but the combined footprint J.P. Morgan Securities LLC

creates a one-stop-shop that no single player could replicate. Critically, the

three platforms are geographically complementary, allowing the coalition to

cover key markets across the country where any one partner alone has gaps.