Residential solar system. Author: David TREBOSC. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
SolarCity Corp (NASDAQ:SCTY) on Wednesday unveiled it has established a fund to finance solar photovoltaic (PV) projects with a combined value of USD 400 million (EUR 355m).
The US residential solar company has created the fund with a large financial institution, whose name was not disclosed.
SolarCity pointed out that it has, to date, raised enough money to finance over USD 9 billion worth of US solar projects. The financing covers the capital cost of both the equipment and its installation, the firm explained.
In April, SolarCity activated a fund that was to finance over USD 1 billion worth of new commercial solar-plus-storage systems with a combined capacity surpassing 300 MW. Before that, it also announced residential solar funds with partners such as Google Inc and JP Morgan.