SolarCity (Nasdaq: SCTY) signed a lease financing agreement with Goldman Sachs to fund more than $500 million to develop some 110 MW of solar power for residential and commercial customers, according to Electric Light & Power magazine.
According to SolarCity, this funding makes it possible for homeowners, business owners, government agencies and non-profit organizations to install solar panels at no up-front cost.
Honda Motor Co., Merrill Lynch, U.S. Bancorp and Morgan Stanley and have funded SolarCity in the past. In 2011, technology giant Google Inc. (Nasdaq: GOOG) created a $280 million fund with SolarCity, which was Google’s largest investment in renewable energy at the time.
The financing has already deployed about 26 MW of new solar energy capacity, and the remainder is reflected in the 158 MW of available financing as of May 10, 2013 reported in SolarCity’s announcement of financial results in early May 2013, according to SolarCity.
This article was originally published on Electric Light & Power/POWERGRID International. It was republished with permission.