SolarCity Opens Fund of $249 Million in Solar Projects

SolarCity announces its opening of a new tax equity fund of $249 million in solar projects. Whereas, the other financing partner name was not unveiled, though this investment is reported as the fourth solar project fund by the two partnering companies. After total consolidation, the fund is known to twofold in size making a total of $498 million in solar projects. The fund to purview on the capital cost of solar equipment and installation, leveraging homeowners to pay less for the power the systems produce than they pay for electricity from the local utility.

“SolarCity has now created 50 project funds with 21 different financing partners,” said Radford Small, SolarCity’s Executive Vice President, Capital Markets. “Distributed solar’s unique combination of strong returns and societal benefits has attracted a range of corporate and institutional investors and enabled hundreds of thousands of homeowners and businesses to pay less for power generated by solar panels than they pay for power from utilities.”