SolarCity, Honda create USD-50m solar fund

(SeeNews) - Oct 8, 2014 - US firm SolarCity Corp (NASDAQ:SCTY) and Japanese carmaker Honda Motor Co Ltd (TYO:7267) have renewed their solar alliance with the goal of funding up to USD 50 million (EUR 39m) worth of solar projects.

The parties said in a press release today they have established a new fund for the purpose of making solar power more affordable to US customers and dealerships of Honda and its luxury vehicle division Acura. The two companies created a similar fund, of USD 65 million, in 2013 and are now continuing their cooperation in the field. The partnership will cover the cost of both solar equipment and installation.

SolarCity and Honda have already finalised or commenced various solar projects for homeowners, dealerships and corporate facilities with a combined capacity surpassing 12.5 MW.

Earlier in the day, the US company said it will offer a new financing option for homeowners willing to go solar, allowing them to own the photovoltaic (PV) system from the beginning. The MyPower loan will be similar to a solar power purchase agreement (PPA) in most other aspects and will be available in the states of Arizona, California, Colorado, Connecticut, Hawaii, Massachusetts, New York and New Jersey.

(USD 1.0 = EUR 0.789)

More stories to explore
Share this story
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription